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Inventory Accounting

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Inventory Accounting
The body of accounting that deals with valuing and accounting for changes in inventoried assets. Changes in value can occur for a number of reasons including depreciation, deterioration, obsolescence, change in customer taste, increased demand, decreased market supply and so on.

Notes:
It is a requirement of GAAP that inventory be properly accounted for according to a very particular set of standards, so as to limit the potential of overstating profit by understating inventory value, and to limit the potential to overstate a company's value by overstating the value of inventory which has in fact materially depreciated in value.


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On behalf of Tax Executives Institute (TEI), I am writing to urge that the Last-In, First-Out (LIFO) inventory accounting method be retained as part of the Internal Revenue Code.
TEI urges retention of the LIFO inventory method by Tax Executive
93 TC 500 (1989), which held that a taxpayer could not change its consistently used inventory accounting method without the IRS's consent, even though the method used was "flawed.
Adherence to utility regulations is an accounting method by Sair, Edward A. / The Tax Adviser
Again, SOP 98-5 is not intended to override an entity's inventory accounting policy.
Resolved: start-up costs are not assets by Noll, Daniel / Journal of Accountancy
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