Who owns the goods, as well as the costs to include in inventory, are essentially accounted for the same under IFRS and U.S. GAAP.

Question

Quizplus · Accepted Answer

Both IFRS and U.S. GAAP follow the same principles of identifying the owner of goods and adding the costs related to the goods to the inventory. Therefore, the treatment of inventory under both accounting standards is essentially the same.

Who Owns the Goods, as Well as the Costs to Include