The Foreword states: “While the practice of valuing inventories at "the lower of cost and market" has a long tradition behind it in Canada, relatively little has been specifically written about the use of the term "market", and the purpose and application of the concept, in valuing inventories in this country. The meaning of "cost" in inventory valuation has been covered in the Institute's Bulletin No.5; and there have been official pronouncements by the Institute of Chartered Accountants in England and Wales and by the American Institute of Certified Public Accountants on the use and meaning of "market". While this Research Study, as with all studies in this series, does not purport to represent an official Institute view, it represents an organized examination of this most important area by an author familiar with the background of Canadian business. It is to be hoped that this study will be the basis of much thought and discussion among accountants and other businessmen in Canada; and, probably in other countries as well.”
It goes on to acknowledge that “While the study reflects only the views of the author, Miss Mulcahy received valuable comments and assistance from the Toronto and Montreal members of the 1962-63 Committee on Accounting and Auditing Research, in particular from Mr. R. M. Skinner, F.C.A. who reviewed successive drafts of the study. I know she would want me to express her appreciation for this help.”
