Profit and Inventory Under IFRS and GAAP

Profit and Inventory Under IFRS and GAAP

Gabriele Lingenfelter, Abby Brooks Journal of Critical Incidents
January 01, 2015
SKU: BUS-00454

Region of the world: North America
Topic: Finance & Accounting
Page length: 2
Keywords: IFRS, accounting
Price: $4.00 | €0.00
No votes yet

The critical incident asks students to define inventory and net realizable value of ice cream bars. The students are required to calculate the ending inventory value of the ice cream bars using allowable cost flow assumptions as well as the respective gross profit and net income. The critical incident requires the definitions and calculations as required by Generally Accepted Accounting Principles (GAAP) and International Financial Reporting Standards (IFRS).