Page 28 - Accountancy for Advanced Secondary Schools Teachers Guide Form Five

4 Accounting standards and regulations
(a) GAAP and IFRS differences: Highlight the key differences
between Generally Accepted Accounting Principles (GAAP)
and International Financial Reporting Standards (IFRS)
FOR ONLINE READING ONLY
regarding inventory accounting, particularly the use of LIFO.

(b) Lower of Cost or Market/Net Realisable Value: Teach how
to apply the lower of cost or market (LCM) rule under GAAP
and the lower of cost or net realizable value (NRV) rule under
IFRS.

5. Technology and inventory accounting

(a) Accounting software: Introduce common accounting
software that assists in inventory tracking and management.

(b) ERP systems: Explain the role of Enterprise Resource
Planning (ERP) systems in integrating inventory accounting
with other business processes.

6. Real-world applications and case studies
(a) Industry practices: Provide examples of inventory
accounting practices in different industries (e.g., retail,
manufacturing, services).

(b) Case studies: Use case studies to demonstrate practical
applications and challenges in inventory accounting.
7. Emerging trends

(a) Sustainability and environmental impact: Discuss how
sustainability concerns and environmental impact are
influencing inventory management and accounting practices.

Teacher’s Guide Form Five
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