American Institute of Certified Public Accountants (AICPA) Cost or Market Rules–Inventory Valuation The American Institute of Certified Public Accountants (AICPA) moved away from the traditional cost or market, whichever is lower principle of valuing inventories. After defining inventory and that the major objective of
American Accounting Institute
The American Accounting Institute supports worldwide excellence in accounting education, research and practice. This American Institute is a voluntary organization of persons interested in accounting education and research.