Business Services Industry
Retail stock shock.
Australasian Business Intelligence, November, 2005
Byline: Mitch Gaynor
Nov 17, 2005 (Queensland Business Review - ABIX via COMTEX) -- The Australian Taxation Office (ATO) issued a draft ruling in late August 2005. The draft requires retailers to use the "absorption
costing" valuation method, and to apply the method retrospectively from 30 June 2004. The ATO appears to have withdrawn from an
earlier pledge not to require smaller retailers to alter their valuation method. Most of the 165,000 retail members of the National Retail Association (NRA) use "cost of stock" accounting. The NRA cautions that use of absorption costing will result in higher closing stock figures, which will in
turn...
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