financial reporting center

Financial Reporting Center

The Financial Reporting Center helps CPAs meet the challenges of providing high quality financial reporting. Whether you are a financial statement preparer or a member in public practice, this center provides resources for the entire financial reporting process providing you the information you need to know when you need it.

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AICPA Seeks Input on Inventory Valuation Guidance; Comments due February 1, 2019

The AICPA’s Financial Reporting Executive Committee has issued and is requesting feedback on an early working draft of Inventory Valuation guidance, which is part of a broader forthcoming release of the AICPA’s Business Combinations Accounting and Valuation Guide. This working draft provides nonauthoritative guidance and illustrations for preparers of financial statements, independent auditors, and valuation specialists regarding how to estimate the fair value of inventory acquired in a business combination in accordance with FASB ASC 820, Fair Value Measurement. This inventory valuation guidance consists of a section, which provides general principles for valuing inventory, and two examples, which illustrate how to value finished goods and work in process inventory. It also offers questions and answers that illustrate some of the inventory valuation considerations discussed in the preceding sections.


This two-minute video highlights the features and benefits of the AICPA's Financial Reporting Framework for Small- and Medium-Sized Entities.

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