Month: March 2021

March 10, 2021 9 minutes read Bookkeeping

LIFO Reserve: What Is, Formula, Calculation, Journal Entry

The current ratios of both companies cannot be compared due to this difference in reporting. From this example, we can see a big difference between the two types of inventory methods. The company will record this difference as a contra-inventory

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March 5, 2021 7 minutes read Bookkeeping

Translation and accounting for foreign currency transactions

Content Use of a presentation currency other than the functional currency Disposal of a foreign operation Functional currency GAAP governs how to account for an equity method investment in a foreign entity EFRAG draft comment letter on the exposure draft

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