Financial Statements Prepared for Use in Other Countries 2205 the United States, the auditor may report using either (a) a U.S.-style reportmodiï¬ed to report on the accounting principles of another country (see para-graphs.09and.10)or(b)ifappropriate,thereportformoftheothercountry(seeparagraphs .11 and .12).
Retail Inventory Method. The retail inventory method is an accounting system to estimate the ending inventory and cost of goods sold. Essentially, its used to estimate the amount of ending inventory at cost.
The most commonly used calculated cost method is the Retail Inventory Method (RIM). The RIM has been in common usage for nearly a century. For purposes of establishing a value for inventory for financial and tax reporting purposes, it is the best method yet devised. There are many advantages to using the RIM.