Financial Reporting and Analysis Q241
- A
The accounting policies used to measure inventory must be provided, but disclosure of the cost formula is optional.
- B
The disclosure of accounting policies used to measure inventory is optional, but the cost formula must be provided.
- C
The accounting policies used to measure inventory and the cost formula must be disclosed.
- Option : C
- Explanation : Under both IFRS and US GAAP, the accounting policies used to measure inventory and the cost formula must be disclosed.
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