accounting standards  The new update made amendments on the overall. The changes were based on subsequent measurements of inventory which after the update will have different cost methods. The update

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accounting standards

 The new update made amendments on the overall. The changes were based on subsequent measurements of inventory which after the update will have different cost methods. The update provides that inventory measured by other methods other than LIFO or another retail inventory method which may include inventories measured using first –in first out method or average cost method shall me measured at the lower of the cost and the net realizable value. The update also provides that when evidence exists that the net realizable value is lower than its cost, the difference of the two shall be identified as a loss of earning in the period in which it occurs. There will also be amendments on the sub-topic 275-10 on risk and uncertainties. Estimate inherent is the current financial reporting process which involves assumptions about future events. It includes estimating the constraining estimate of variable consideration to be included in the transaction price for a contract with a customer by paragraphs 606-10-32-5.

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