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Listed below are topic(s) I would like for each of you to discuss throughout the week. Refer to the textbook, weekly materials, and/or the GMC library when researching the topics for this Discussion Forum. Put your writing into your own words, do not copy directly from the source. If you incorporate external resources (http://gmcga.libguides.com/periodicals) in your posts be sure to cite (https://gmcga.libguides.com/citationmanagement/APA7th) them properly. Lastly, review how to paraphrase and quote resources before you begin posting (http://gmcga.libguides.com/c.php?g=458&p=996448).
Merchandising companies invest large sums of money in inventory, having to account for the purchasing, selling, and costs. Most U.S. based companies or companies on U.S. exchanges have previously had to follow the GAAP standards. As IFRS has moved forward in many countries, these companies have to review if the GAAP or the IFRS standards should be used.
Your company has been following GAAP standards and is looking to expand to international markets. You have been using a LIFO cost of inventory system and have had several inventory items marked down under the lower-of-cost-or-market. You have been asked to present the pros and cons of converting to the IFRS standards, thus allowing your company to move to international markets. Explain how this change will affect the financial statements.
Task 1: Create a new discussion topic on or before the due date in the Course Syllabus -> Course Schedule by clicking the ‘**REPLY HERE**’ post below. In your reply, you will post your response to the main topic. Your response should be a minimum of 150 words. Going over the minimum word length requirement is acceptable; however, I am not looking for 500+ words!
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