Lowest Value Principle Implementation in Inventory Measurement of Financial Statements of the Enterprises

Authors

  • L.I. Kulikova
  • A.Y. Sokolov
  • A.V. Ivanovskaya
  • F.N. Akhmedzyanova

Abstract

The article explores an issue of implementing of material and production inventories measurement at lowest value in accounting practices for the purpose of drawing up financial statements. A comparison is made in terms of approach to the lowest value principle implementation in accordance with American, Russian and international accounting standards. For the first time, a methodology for calculating of allowance for impairment of inventory based on specific features of enterprise’s activities is being considered. Given in detail is a description of development stages of allowance for impairment of inventory based on specific procedures carried out.

DOI: 10.5901/mjss.2015.v6n1s3p406

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Published

2015-02-28

How to Cite

Kulikova, L., Sokolov, A., Ivanovskaya, A., & Akhmedzyanova, F. (2015). Lowest Value Principle Implementation in Inventory Measurement of Financial Statements of the Enterprises. Mediterranean Journal of Social Sciences, 6(1 S3), 406. Retrieved from https://www.richtmann.org/journal/index.php/mjss/article/view/5744