ACCT 304 Week 8 Discussion | Devry University
- Devry University / ACCT 304
- 20 Aug 2021
- Price: $6
- Accounting & Economics Assignment Help / Finance
ACCT 304 Week 8 Discussion | Devry University
Week
8: Inventories
The lower-of-cost-or-net realizable value (LCNRV) approach was
developed to avoid reporting inventory at an amount greater than the benefits
it can provide. The LCNRV approach records losses in the period the value of
the inventory drops below its cost instead of later in the period that the
goods are ultimately sold. Is this a conservative or an aggressive approach?
What does GAAP say about LCNRV?
Alternative Discussion Topic: You may elect to choose a tweet from the
FASB Twitter Feed (@FAFNorwalk) integrated into the home page of this course,
summarize the overarching topic of the tweet and related article or video, and
connect it to a topic we've studied in class this week. If a
classmate has chosen a feed in which you're interested, agree with their
summary and position by providing further supportive evidence from the book or
online, or disagree and provide evidence that supports your position. Feel free
to comment on current or recent tweets.
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