GAAP defines net realizable value for lower-of-cost-or net realizable value essentially as
A) net market value.
B) estimated selling price in the normal course of business.
C) estimated selling price less costs to complete and sell.
D) replacement cost less costs of disposal.
IFRS:

Question

Quizplus · Accepted Answer

IFRS defines net realizable value for lower-of-cost-or-net realizable value as the estimated selling price less costs of completion and selling. This definition is similar to the definition provided by GAAP.

GAAP Defines Net Realizable Value for Lower-Of-Cost-Or Net Realizable Value