Private Enterprise Advisory Committee: Meeting Notes for June 14, 2016
The Committee discussed various issues raised by stakeholders to consider which, if any, should be suggested to the AcSB for inclusion in the 2017 Annual Improvements. As reported by the Standard.
The Committee agreed to suggest the following to the AcSB:
Item to Be Considered as Part of the 2017 Annual Improvements
Foreign Currency Translation – Reversal of Previously Recorded Write-downs of Inventory
Foreign Currency Translation, paragraph 1651.53, requires that previously recorded write-downs of inventory should not be reversed in the translated financial statements of an integrated foreign operation. However, this requirement contradicts the guidance in Section 3031, Inventories, that requires previous write-downs to inventory be reversed when the circumstances that previously caused inventories to be written down no longer exist or there is clear evidence of an increase in the net realizable value reflecting changes in economic circumstances.
The Committee agreed to suggest to the AcSB that this contradiction be addressed by deleting the requirement that prohibits the reversal of previously recorded write-downs of inventory in paragraph 1651.53.
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