IMPROVING THE ACCOUNTING OF FINISHED GOODS IN MANUFACTURING ENTERPRISES BASED ON INTERNATIONAL ACCOUNTING STANDARDS
Abstract
In today’s increasingly globalized economy, the adherence to International Accounting Standards (IAS) is paramount for manufacturing enterprises, particularly concerning the accounting of finished goods. These standards facilitate consistency and comparability across financial statements, allowing stakeholders to make informed decisions based on reliable data. As countries evolve their accounting practices, a notable trend is the convergence of U.S. Generally Accepted Accounting Principles with IAS, promoting greater transparency in financial reporting (Wang R, 2023). This shift underscores the need for an effective accounting framework that adequately addresses the complexities of inventory management, especially in small and medium-sized enterprises (SMEs), which often struggle under the weight of broader regulatory expectations (Eyvazov AEA et al., 2023). By improving accounting practices for finished goods, companies can enhance operational efficiency and financial performance while ensuring compliance with international standards.
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