IFRIC standard Interpretation Committee are regulatory guidance on the application of International Financial Reporting standard Interpretation Committee (IFRS).
Standing Interpretations Committee (SIC) are a form of regulatory guidance issued before the formation of the IFRS Interpretations Committee (formerly IFRIC)
International Financial Reporting Standards (IFRS) are a set of accounting standards developed by the IASB.
International Accounting Standards (IAS) with the goal of unifying financial reporting throughout the world.
In the periodic inventory method, inventory is calculated periodically (monthly, quarterly, or annually).
Perpetual inventory method is a system where inventory is calculated instantly at the time of each transaction.