Revaluations under US GAAP

anuk · June 4, 2009, 1:08pm

Hi all, Quick Q. Does USGAAP allow revaluation of inventories? I know it does not allow impairment reversal (while IFRS does) but how about inventories?

kurupt1 · June 4, 2009, 1:12pm

Only downwards I think. Inventory is held at the lower of nrv and market under GAAP… I hope.

daveydog · June 4, 2009, 1:13pm

I believe no writeups are allowed for subsequent recoverty under GAAP

chung.da.neu · June 4, 2009, 1:13pm

US GAAP Lower of cost or Market, IFRS Net realizable value…essentially the samething

kurupt1 · June 4, 2009, 1:15pm

cheers chung