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AICPA FinREC Proposes Guidance on Inventory Valuation

November 20, 2018

The AICPA Financial Reporting Executive Committee (FinREC) published a working draft (PDF) on inventory valuation and is seeking comments on the draft. The draft provides nonauthoritative guidance and illustrations for estimating the fair value of inventory acquired in a business combination in accordance with Financial Accounting Standards Board (FASB) Accounting Standards Codification (ASC) Topic 820, Fair Value Measurement. This guidance is intended for preparers of financial statements, independent auditors and valuation specialists.