IFRS VS US GAAP PART6: INVENTORY ACCOUNTING

💡 Does the way you account for inventory really change your company's bottom line? The answer is a resounding YES. These technical rules can dramatically alter your reported profit and the overall story your financial statements tell. This is SW Youn, CPA at SW ACCOUNTING & CONSULTING CORP. In this video, I'm breaking down the critical differences between US GAAP and IFRS when it comes to inventory accounting. If you're a business owner, investor, or manager, you'll want to pay close attention to how the LIFO method and write-down rules can impact a company's financial health. ⏰ Timestamps 00:00 Intro 00:48 The Common Ground: Where Both Systems Agree 01:21 The Great LIFO Divide: A Famous Disagreement 02:23 How Value is Measured: Handling Value Loss 03:39 Reversing a Loss: Can You Undo a Write-Down? 04:31 The Bottom Line Impact: Why These Rules Matter ✅ About Us SW ACCOUNTING & CONSULTING CORP is a California-based CPA firm providing comprehensive accounting and tax solutions for businesses and individuals. As CPAs licensed in both California and South Korea, we offer expert, bilingual (English & Korean) guidance on federal/state tax, audit, payroll, and more. ✅ Contact Us for a Consultation Website: https://www.sw-cpas.com Email: [email protected] ✅ Follow Us LinkedIn:   / 107503995   Instagram:   / swcpas12345   X: https://x.com/SWCPAS Threads: https://www.threads.net/@swcpas12345 ⚠️ Disclaimer The information provided in this video is for general informational purposes only and does not constitute professional legal or financial advice. You should consult with a qualified professional for advice tailored to your specific situation. #USGAAP #IFRS #InventoryAccounting #CaliforniaCPA #AccountingStandards #SmallBusiness