What is Deloitte Dart?

What is Deloitte Dart?

The Deloitte Accounting Research Tool (DART) is a comprehensive online library of accounting and financial disclosure literature.

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 is asc330?

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

What is included in inventory for GAAP?

Common inventory costs include holding costs, storage costs, and shrinkage costs. Inventory reserves offset the balance of inventory accounts. GAAP requires that inventory is stated at replacement cost if there is a difference between the market value and the replacement value.

Does Deloitte follow GAAP?

Deloitte’s “Find the GAAP” tool, which maps legacy accounting standards to current U.S. GAAP. AICPA professional standards and technical practice aids.

What is the difference between Igaap and IFRS?

The key difference between IFRS vs Indian GAAP is that IFRS is the international accounting standards that provide guidance on how different transactions should be reported by the company in their financial statements which is used by many countries, whereas, Indian GAAP are the generally accepted accounting principles …

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.

How do you record inventory write down?

The write down of inventory involves charging a portion of the inventory asset to expense in the current period. Inventory is written down when goods are lost or stolen, or their value has declined. This should be done at once, so that the financial statements immediately reflect the reduced value of the inventory.

What is inventory cost method?

The weighted average inventory costing method, also called the average cost inventory method, is one of the GAAP-compliant approaches companies use to value their business stock. This method calculates the per-unit cost using a weighted average for the cost of goods sold and the inventory.