Is your inventory really all there?

Article Abstract:

A survey of 203 companies on the subject of inventory control was conducted to elucidate the problem of inventory shrinkage. Companies were asked to report problems with discrepancies in inventory. Of the companies, 68.5% reported an inventory loss averaging $521,952, 27.1% of the companies reported an inventory gain averaging $178,562, and 4.4% reported no loss or gain. Controlling inventory errors is important in the accurate measurement of inventory, which is based on matching revenues against costs to determine income. To control errors in inventory, the causes of errors must be identified and an internal control system implemented to correct problems.

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The AICPA's first century: highlights from 100 years of progress

Article Abstract:

Markers in the 100-year history of the American Institute of Certified Public Accountants (AICPA) are considered. AICPA was the first US national organization for public accountants when it was founded in 1887. Its history is described, with emphasis on the following areas: establishment of accounting and auditing standards, development of an ethics code, changing AICPA membership profiles, and the role of women and minorities in the organization and the profession.

History, Accounting, Trade and professional associations, Professional associations, Trade associations, American Institute of Certified Public Accountants

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A new method of inventory accounting

Article Abstract:

Historical cost accounting concepts create dichotomies when inventory is reported in financial statements. One solution is to combine last-in, first-out (LIFO) with first-in, first-out (FIFO) inventory accounting. LIFO would then be used for the income statement, and FIFO for the statement of financial position. Combining the two methods can reduce inventory distortions over time.

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