GRAP 12 - Inventories

Price:
R476.10 (VAT Incl.)
Level:
Accounting Professionals
Sub-level:
GRAP and Municipal Finance
Lecturer:
Nestene Botha
Duration:
120 Minutes
Additionals:
   CPD Assessment
   Certificate

Lesson Outline

The objective of GRAP 12 is to ensure that appropriate recognition criteria and measurement bases are applied to inventory and that sufficient information is disclosed in the notes to the financial statements.

This module aims to provide participants with a thorough understanding of the requirements of GRAP 12, including the following areas:

  1. Identifying inventory.
  2. Initial recognition of inventory.
  3. The valuation of inventory, including considering the cost versus the net realisable value.
  4. The disclosure requirements for inventory.

This session will cover the following:

  1. Definitions: Net Realisable Value & Inventories
  2. Recognition
  3. Measurement at recognition
  4. Measurement after recognition
  5. Recognition as an expense
  6. Inventories disclosure