First In, Still Here is an accounting buzzword that describes when companies still have inventory on hand that they're unable to sell.

While not an official type of accounting treatment, the term is a play on the Last In, First Out (LIFO) and First In, First Out (FIFO) accounting methods. Companies in a state of First In, Still Here (FISH) accounting tend to have turnover rates that are lower than the industry average. First In, Still Here (FISH) is an accounting buzzword that describes when companies still have inventory on hand that is not being sold due to inattention or obsolescence. First In, Still Here doesn't point to any particular reason for the inability to move merchandise.

First In, Still Here (FISH)

An accounting change is an accounting method considered a bigger change to financial statement calculations than altering accounting estimates.

An accounting change is a change in accounting principles, accounting estimates, or the reporting entity. An accounting change is a change in accounting principles, accounting estimates, or the reporting entity. An accounting change is a change in accounting principles, accounting estimates, or the reporting entity. A change in accounting principles is a change in a method used, such as using a different depreciation method or switching between LIFO (Last In, First Out) to FIFO (First In, First Out) inventory valuation methods. A change in accounting principles is a change in a method used, such as using a different depreciation method or switching between LIFO to FIFO inventory valuation methods.

Accounting Change

Ending inventory is a common financial metric measuring the final value of goods still available for sale at the end of an accounting period.

Ending inventory is the value of goods still available for sale and held by a company at the end of an accounting period. Although the physical number of units in ending inventory is the same under any method, the dollar value of ending inventory is affected by the inventory valuation method chosen by management. The weighted average cost method assigns a cost to ending inventory and COGS based on the total cost of goods purchased or produced in a period divided by the total number of items purchased or produced. The items in ending inventory would have been assigned the following cost: ((100 units x $24) + (200 units x $25)) = $7,400 ending inventory. The method chosen to assign a dollar value to inventory and COGS impacts values on both the income statement and balance sheet.
There are three common valuation methods for inventory: FIFO (first in, first out), LIFO (last in, first out), and weighted-average cost.

Ending Inventory

First-in, first-out (FIFO) is a valuation method in which the assets produced or acquired first are sold, used, or disposed of first.

Publication 538, Accounting Periods and Methods

First In, First Out, commonly known as FIFO, is an asset-management and valuation method in which assets produced or acquired first are sold, used, or disposed of first. Average cost inventory is another method that assigns the same cost to each item and results in net income and ending inventory balances between FIFO and LIFO. Although the actual inventory valuation method used does not need to follow the actual flow of inventory through a company, an entity must be able to support why it selected the use of a particular inventory valuation method. In this situation, if FIFO assigns the oldest costs to the cost of goods sold, these oldest costs will theoretically be priced lower than the most recent inventory purchased at current inflated prices. The FIFO method follows the logic that to avoid obsolescence, a company would sell the oldest inventory items first and maintain the newest items in inventory.

First In, First Out (FIFO)

Inventory management is the process of ordering, storing and using a company's inventory: raw materials, components, and finished products.

Adoption of Just-in-Time Manufacturing Methods at U.S.- and Japanese-Owned Plants: Some Empirical Evidence

Regulation S-X, 17 CFR Part 210: Sec. 210.5-02 Balance sheets

Inventory management refers to the process of ordering, storing, using, and selling a company's inventory. DSI is also known as the average age of inventory, days inventory outstanding (DIO), days in inventory (DII), days sales _in_ inventory or days inventory _Economic Order Quantity (EOQ)_ — This model is used in inventory management by calculating the number of units a company should add to its inventory with each batch order to reduce the total costs of its inventory while assuming constant consumer demand. It assumes that there is a trade-off between inventory holding costs and inventory setup costs, and total inventory costs are minimized when both setup costs and holding costs are minimized.
_ Two major methods for inventory management are just-in-time (JIT) and materials requirement planning (MRP).
A company's inventory is one of its most valuable assets.

Inventory Management

Inventory is the term for merchandise or raw materials that a company has on hand.

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Publication 538 (01/2019), Accounting Periods and Methods

The term inventory refers to the raw materials used in production as well as the goods produced that are available for sale. The carrying cost of remaining inventory, on the other hand, is based on the cost of the latest purchased materials
Last-in, first-out (LIFO) method, which states that the cost of goods sold is valued using the cost of the latest purchased materials, while the value of the remaining inventory is based on the earliest purchased materials. There are three general categories of inventory, including raw materials (any supplies that are used to produce finished goods), work-in-progress (WIP), and finished goods or those that are ready for sale. Inventory management forecasts and strategies, such as a just-in-time (JIT) inventory system (with backflush costing), can help companies minimize inventory costs because goods are created or received only when needed. Examples of raw materials include:
aluminum and steel for the manufacture of cars
flour for bakeries that produce bread
crude oil held by refineries
Work-in-progress inventory is the partially finished goods waiting for completion and resale.

Inventory :

Last in, first out (LIFO) is a method used to account for inventory that records the most recently produced items as sold first.

Last in, first out (LIFO Two alternative methods of inventory-costing include first in, first out (FIFO), where the oldest inventory items are recorded as sold first, and the average cost method, which takes the weighted average of all units available for sale during the accounting period and then uses that average cost to determine COGS and ending inventory. FIFO, LIFO, and average cost have a different impact:
FIFO provides a better indication of the value of ending inventory (on the balance sheet), but it also increases net income because inventory that might be several years old is used to value COGS. Under LIFO, the cost of the most recent products purchased (or produced) are the first to be expensed as cost of goods sold (COGS), which means the lower cost of older products will be reported as inventory. LIFO is used only in the United States and governed by the generally accepted accounting principles (GAAP).
Other methods to account for inventory include first in, first out (FIFO) and the average cost method.

Last In, First Out (LIFO)

Net realizable value is the value of an asset that can be realized upon its sale, minus a reasonable estimation of the costs involved in selling it.

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U.S. Capital Markets and International Accounting Standards: GAAP Versus IFRS

Net realizable value (NRV) is a valuation method, common in inventory accounting, that considers the total amount of money an asset might generate upon its sale, less a reasonable estimate of the costs, fees, and taxes associated with that sale or disposal.
Net realizable value (NRV) accounts for the value of an asset in terms of the amount it would receive upon sale, minus selling costs. Net realizable value (NRV) is a valuation method, common in inventory accounting, that considers the total amount of money an asset might generate upon its sale, less a reasonable estimate of the costs, fees, and taxes associated with that sale or disposal.
Net realizable value (NRV) accounts for the value of an asset in terms of the amount it would receive upon sale, minus selling costs. The following steps should be taken to calculate NRV:
Determine the expected selling price of an asset
Determine all the costs associated with the eventual sale of the asset
Calculate the difference between the expected selling price of an asset and the costs associate with its sale The formula for determining net realizable value (NRV) is:
> NRV = Expected selling price - Total production and selling costs
An accounts receivable balance is converted into cash when customers pay their outstanding invoices, but the balance must be adjusted down for clients who don’t make payment. To put it in formulaic terms, NRV = Expected selling price - Total production and selling costs.
NRV for accounts receivable is calculated as the full receivable balance less an allowance for doubtful accounts, which is the dollar amount of invoices that the company estimates to be bad debt.

First In, Still Here (FISH)

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