Use the globalEDGE^TM site to complete the following exercises:

1. The globalEDGE^TM site offers a "country comparator" tool that allows investigators to compare countries based on statistical indicators. Utilize this tool to identify in which of the following countries the historic cost principle of accounting cannot provide accurate results: Argentina, Bulgaria, Ecuador, Indonesia, Latvia, Malaysia, Mexico, Romania, Russia, and Senegal. Use the "rank countries" tool to identify other countries in which the historic cost principle would not provide valid results.



2. Deloitte hosts an International Accounting Standards (IAS) Web page called IAS PLUS that provides information and guidelines regarding accounting procedures approved by IASC. Locate the Web site, the section on Standards, and subsequently prepare a short description of the IAS approach for recording inventory levels.