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What is the inventory system employing accounting records that continuously disclose the amount of inventory remaining called?
perpetual
Many high-technology companies like nortel networks micron technology and jds uniphase have written down massive amounts of their inventory for example nortel networks revalued some of its invent?
Many high-technology companies, like Nortel Networks, Micron Technology and JDS Uniphase, have written down massive amounts of their inventory. For example, Nortel Networks revalued some of its inventory parts at $0, though the inventory initially cost Nortel $650 million.Companies are required to report whether they write off the cost value (or book value) or their inventory even if they do not dispose of the inventory. Later on, they may sell this inventory but are not required to report the sale for cash of previously "worthless" inventory. The effect may be that in future years, when the inventory is sold, profits are overstated.Also in the article, JDS Uniphase said it will write off $250 million of its inventory but promised to disclose any future sale. On the other hand, Micron Technology, which wrote down $260 million, won't disclose any future sale (Krantz, 2001). Should the Securities and Exchange Commission do anything? Why?
How do the consistency principle and the full disclosure principle affect inventory valuation?
Consistency principle indirectly affects inventory value as one would need to use the same cost assumption all the time (FIFO or avg cost). Full disclosure doesn't affect inventory valuation but one would need to disclose to investors the cost assumption used in the financial statements.
What is the disclosure to change from LIFO to FIFO?
When a company changes its inventory accounting method from Last In, First Out (LIFO) to First In, First Out (FIFO), it must disclose this change in its financial statements, typically in the notes section. The disclosure should include the reasons for the change, the impact on financial results, and a comparison of prior periods' results under the new method. Additionally, the company must outline any adjustments made to prior financial statements to reflect the change consistently. This transparency helps investors and stakeholders understand the implications on profitability and inventory valuation.
What is the Principles of financial accounting?
As an accountant of a public company (one with stocks, etc), if you obtain information that could affect the value of the stocks (etc.) you may not disclose this information to any third party.
What is the defense finance and accounting service tax id number?
The Defense Finance and Accounting Service (DFAS) does not publicly disclose its Tax Identification Number (TIN) for security and privacy reasons. If you require this information for official purposes, it’s best to contact DFAS directly or consult relevant documentation provided by them.
What is the disclosure principle of financial accounting?
As an accountant of a public company (one with stocks, etc), if you obtain information that could affect the value of the stocks (etc.) you may not disclose this information to any third party.
What is the sentence for disclose?
i would love to show you, but i cant disclose it.
Do private companies disclose earnings?
no they are not bound to disclose there earnings. its optional
Give you a sentence with the word disclose?
She wouldn't disclose where she had bought her shoes.
What information does Anne Frank disclose about her grandparents?
esne disclose about her grandparents
What is ssap 16r?
SSAP 16R, or Statement of Standard Accounting Practice 16 Revised, is a financial accounting standard in the UK that provides guidelines for the treatment of property, plant, and equipment. It outlines how to recognize, measure, and disclose these assets in financial statements, emphasizing the importance of fair value and depreciation. SSAP 16R was designed to improve consistency and transparency in financial reporting for businesses. It has since been replaced by FRS 102 in the UK accounting framework.
