Praphrasing

The need for companies to have full awareness in terms of measuring their annual inventory is among the major lessons learnt in this course. When measuring and recording of inventories, big institutions are extremely prone towards making recording faults. Therefore, as a normal procedure to counter this situation, such firms should consider adjusting their recording procures to see to it that inventories are correctly made at all times.
Companies saluting use of LIFO as a means of ensuring fewer taxes are paid should equally consider reporting their inventories to stakeholders via LOFO technique. Despite LIFO being an ordinary exercise in the US, it is unfortunate that IFRS doesn`t allow such LIFO exercise. Therefore, a lesson learned from this ideology is that standards of reporting are diverse according to different places.
Equally, another lesson I consider having learned is that use of percentage of completion in reporting long-term contracts profits is highly significant. Therefore, as entrepreneurs we should yearn for profit making even prior the annual profit report. For that reason, I intend to employ this technique in my career path ahead.
Besides, in reporting the worthiness of our inventories, using market v...