ISSUES OF ACCOUNTING FOR EXCHANGE DIFFERENCES AND BORROWING COSTS IN THE FORMATION OF THE COST OF INVENTORIES IN ACCORDANCE WITH NAS AND IFRS
DOI:
https://doi.org/10.55439/EIT/vol11_iss5/a10Keywords:
international financial reporting standards (IFRS), national accounting standards (NAS), financial statements, inventories, accounting, assets, exchange rate differences, borrowing costs, advances, monetary item, qualifying assetAbstract
Synchronization of accounting standards is an ongoing process in the international community. The convergence of national accounting with the approaches of international financial reporting standards (IFRS) simplifies international comparisons of elements of financial statements. This enables global investors to make effective financial decisions so that they can reliably see and understand what is happening with the company in which they want to invest. This article analyzes the main approaches to accounting for exchange rate differences and borrowing costs when forming the cost of inventories according to NAS and IFRS, and provides recommendations for bringing together the requirements of the national system for preparing financial statements of business entities with the concepts and approaches of IFRS for inventory accounting.
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