Following U.S. GAAP, required inventory disclosures in financial statements do not include ________.
A) carrying amounts by type of inventory, such as raw materials inventory and finished goods inventory
B) inventory financing agreements
C) reversals of inventory write-downs
D) the costing methods used such as FIFO or LIFO

Question

Quizplus · Accepted Answer

Under U.S. GAAP, reversals of inventory write-downs are not allowed, so there is no requirement to disclose them in financial statements.