IFRS - IAS 2 Inventories

Price:
R517.50 (VAT Incl.)
Level:
Accounting Professionals
Sub-level:
IFRS
Lecturer:
Tristan David-Crewe White
Duration:
150 Minutes
Additionals:
   CPD Assessment
   Certificate

Lesson Outline

Inventory is something almost all businesses have, be it in the form of consumables or goods sold by retailers, or even internally produced.

Even entities providing services are required to keep track of their “cost of sales”, which is dealt with in this standard.

This session will help you understand what cost determination methods are available, e.g. FIFO, how to calculate closing inventory based on perpetual versus periodic inventory systems, how to accumulate input costs as part of production, and finally what inventory impairment considerations apply.

This session will address the following:

  1. What types of costs may form part of inventory-costing
  2. Measurement of cost
  3. Inventory write-downs
  4. Corresponding expense recognition, i.e. cost of sales
  5. Disclosure