What audit procedures are typically performed on inventory valuation? What are common audit findings related to inventory write-downs?

Nov 4, 2024 ... German drugmaker BioNTech on Monday lowered its guidance for full-year revenue, citing COVID-19 uptake and price levels, inventory write-downs Jun 11, 2023 ... Accounting Advisory · As a general guide, inventories are measured at the lower of cost and net realizable value (NRV). · There are several ... Jan 30, 2011 ... an inventory write-down. If the market value of the inventory at the end of the year is lower than its cost, the taxpayer writes down the Jan 16, 2024 ... According to IFRS, inventory write-downs are temporary and reversible, meaning that if the inventory value increases in a subsequent period, the ... Frequently, instead of write offs (where the full value of inventory is permanently removed from the balance sheet), companies report write downs. A write down ... Feb 21, 2025 ... An inventory write-down happens when a business lowers the recorded value of its inventory because its market value has dropped below what it ... Nov 12, 2024 ... The company wrote down $612 million of inventory, of which $536 million is related to its solar business and $76 million to its non-solar ... Jan 5, 2024 ... Lamb Weston feels effect of excess potato inventory write-down. Second-quarter volumes pressured by low-margin business exit. ... Lamb Weston ... When you need to decrease your parts inventory, you must create a write down. Often, this process is confused with depreciation, an accounting convention that ... Jul 11, 2023 ... It is the formal recognition that some of a company's inventory no longer has value and cannot be sold. Sometimes inventory write-offs are ...