AuthorTopic: US GAAP
May1208
@2015-07-09 16:46:09
Coming from a Canadian accounting background, some of the stuff in this framework makes no sense to me

1) If you go from LIFO to any other inventory costing, retrospective. If you go from any other inventory costing to LIFO, prospective

2) No reversal of impairments. Except if it is an asset held for sale which was impaired at time of reclassification, in which case you can revalue up again

3) Pension past service costs plugged through OCI and amortized into income

4) Inventory valuation, compare cost to market, write down to an amount not greater than fair value but not less than fair value less a reasonable profit margin

5) treatment of interest/dividends in the CF statement

6) Completed contract method doesn???t make any sense, cost recovery seems more appropriate

7) No capitalization of development costs

Alright that???s my rant haha.

CFA Discussion Topic: US GAAP

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Lina