The
article “The Death
of LIFO?” (Jan. 09, page 44) incorrectly described inventory
valuation under U.S. GAAP. The article should have stated that GAAP
values inventories at the lower of cost or current replacement cost,
which is subject to a ceiling of net realizable value and a floor of
net realizable value minus a normal profit margin.
The
article “States
Bite Into Broken Gift Cards” (Dec 08, page 76) included within
Exhibit 3, “States That Generally Exempt Gift Cards from Escheat
Laws,” an incomplete description for Pennsylvania’s requirements. The
note for Pennsylvania should have said “if no fees or expiration,
after Dec. 31, 2000, and not for general usage.” A copy of
Pennsylvania’s unclaimed property legislation, including the exemption
for qualified gift cards, may be found at www.patreasury.org/documents/BUPStatute11-07.pdf.
