What is asc330?

What is asc330?

This Topic provides guidance on the accounting and reporting of inventory in the financial statements.

What ASC is inventory?

Accounting Standards Codification (ASC) 330, Inventory, consists of one subtopic: ASC 330-10, Overall, that provides guidance on the accounting and reporting practices on inventory. ASC 330 discusses the definition, valuation, and classification of inventory.

What inventory costing methods are allowed by GAAP?

Under GAAP, FIFO (first in first out), LIFO (last in first out), weighted average, and specific identification are all acceptable methods of cost determination for your company’s inventory.

What inventory costing methods are allowed under IFRS?

One of the most basic differences is that GAAP permits the use of all three of the most common methods for inventory accountability—weighted-average cost method; first in, first out (FIFO); and last in, first out (LIFO)—while the IFRS forbids the use of the LIFO method.

What is an ASC 310?

ASC 310-10 provides general guidance for receivables and notes that receivables arise from credit sales, loans, or other transactions.

What is ASC Topic 320?

This Topic provides detailed guidance on the accounting and reporting of “investments in equity securities that have readily determinable fair values” and “all investments in debt securities.”