The lower-of-cost-or-market (LCM) approach was developed to avoid reporting inventory at an amount greater than the benefits it can provide

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The lower-of-cost-or-market (LCM) approach was developed to avoid reporting inventory at an amount greater than

the benefits it can provide. The LCM approach records losses in the period the value of the inventory drops below its cost instead of later in the period that the goods are ultimately sold. Is this a conservative or an aggressive approach? What does GAAP say about LCM?

 
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Without using the FASB, what can you tell me about LCM in your own words? 

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Without using the FASB, what can you tell me about LCM in your own words?  What is the benefit of this adjustment

and why does the FASC consider changing the historical cost objective with the LCM?

 
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What happens when we discover a material error in our accounting general ledger and we have already issued

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What happens when we discover a material error in our accounting general ledger and we have already issued

financial statements on that period?  What steps do we take? A flow chart would be very nice here.

 
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What happens when we discover a material error in our accounting general ledger and we have already issued financial statements on that period?

/in /by

What happens when we discover a material error in our accounting general ledger and we have already issued

financial statements on that period? What steps do we take? A flow chart would be very nice here.

Please do not copy and paste from a website.

 
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