IAS 2 : Accounting for Inventories 2 Credits
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As the largest or second-largest item on the balance sheet, and a significant item on the income statement (cost of goods sold), accounting for inventory is a high importance.
IAS 2 has changed how companies account for inventories on their financial statements. It covers accounting for inventories. It applies to all inventories except financial instruments and biological assets. IAS 2 requires the accountant to measure the fair value of inventory by choosing among several alternative methods. But just exactly how do you do it? This online CPE Webinar will provide you with easy-to-follow guidelines that will ensure that you are able to comply with IAS 2.
A primary issue in accounting for inventories is the amount of cost to be recognized as an asset and carried forward until the related revenues are recognized. Guidance on the determination of cost and its subsequent recognition as an expense, including any write-down to net realizable value as on the cost formulas that are used to assign costs to inventories are provided.
This online CPE Webinar on Accounting covers the following Key Topics :
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Mike Morley is a Certified Public Accountant and a recognized authority in the field of finance with more than 25 years experience in finance, including SOX and IFRS implementation.
An entertaining and informative speaker and trainer, Mike is the author of:
“IFRS Simplified” which provides a jump start for accountants and finance executives who want to quickly and easily get up to date on IFRS.
“Sarbanes-Oxley Simplified” which is an easy-to-read explanation of the requirements of the U.S. legislation that makes CEO's & CFO's personally responsible for the accuracy of their company's financial statements.
“Financial Statement Analysis Simplified” which translates the accounting language of financial statements into clear, easy-to-understand terms that anyone who needs to make well-informed financial decisions quickly will appreciate.
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To earn credits, you must attend the entire live webinar, actively participate in any polls or questions, and complete any required evaluations or assessments. Credits are awarded based on your attendance and participation in the live session.
Yes, all our live webinars are approved by NASBA, IRS, CFP Board, HRCI, SHRM, Payroll Org, FP Canada, and 25+ other regulatory bodies, ensuring they meet the high standards for quality, interactivity, and educational content set by these organizations.
To maintain compliance, you must adhere to the guidelines set by NASBA and other regulatory bodies, which include attending the full duration of the webinar, participating in interactive elements, and completing any post-webinar evaluations or assessments.
After successfully attending a live webinar and fulfilling all participation requirements, you can access and download your completion certificates from your account dashboard on our platform. These certificates are recognized by NASBA, IRS, CFP Board, HRCI, SHRM, Payroll Org, FP Canada, and 25+ other regulatory bodies for compliance and reporting purposes.
We issue instant credit certificates, ensuring they are valid for presentation to governing bodies. Typically, we report IRS, CTEC, CFP, IDFP, IWI, VBOA Ethics credits within 7 days – the fastest in the industry.
AS
Great overview of accounting for inventory under the IAS 2, as well as how it links into other IAS/IFRS standards.
JJN
well expalined , if you want to understaind IAS2 it`s the course to follow
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