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Change inventory without changing quantit

edited Nov 25, 2019 10:44AM in Accounting / ERP 8 comments

Hi -
I have a client who wants to change the value of his inventory at the end of 12/31/12 with out changing the quantities.

How can this be done?  I wonder if it's even ok in terms of Accounting principles?  I wonder how an auditor would suggest this be done.

The client said he has several items at $100 initially, and they want to reflect a loss on many accounts.
He wants the reduction of the value of inventory to reflect the loss in 2012, and they are still selling the items in 2013.

Thank you -
Sara

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