Does anyone know the relationship of lower of cost or market to FASB 115? Is LOCOM simply the predecessor to fasb 115, or is there some rule when we have to use one vs the other? Thanks.
I think LOCM is not FASB…used in France etc. if you look at it LOCOM allows for the writing up of previously written down assets…FASB states that once the asset has been written down because of assumed permanent decline in value…you cannot write it up again. Hope this helps
Thanks, that was exactly my confusion.
Thanks, that was exactly the source of my confusion.