CPE Packages (Incl. Ethics) for Multiple States and Qualifications Available. Price $4/credit - CLICK HERE to view.

IAS 2 : Accounting for Inventories

5 (1)

Michel Morley

Mike Morley

Monday, January 04, 2021 | 04:00 PM EDT

  • CMA
  • CPA

2 Credits

$20

Subject Area

Accounting

Webinar Qualifies For

2 CPE credit of Accounting for all CPAs

2 CPE credit of Cost Management for CMAs

2 General Educational credit for Tax Professionals / Bookkeepers / Accountants

Upcoming Webinars

everything you need to know about partnerships

(2)

Jul 26, 2021 | 09:00 AM EDT View Details

basis calculations & distributions for pass-thru entity owners schedule k-1 analysis (latest)

(7)

Jul 26, 2021 | 09:00 AM EDT View Details

sox internal controls for inventory

Jul 26, 2021 | 09:30 AM EDT View Details

basic concepts of fixed asset accounting

(1)

Jul 26, 2021 | 09:30 AM EDT View Details

quickbooks for desktop pc exploring the interface - for beginners

(1)

Jul 26, 2021 | 10:00 AM EDT View Details

yellow book boot camp – introduction to nfp and governmental accounting & auditing

Jul 26, 2021 | 10:00 AM EDT View Details

excel accountant: intro to spreadsheets in-depth

(1)

Jul 26, 2021 | 10:00 AM EDT View Details

2020 t2 - step-by-step guide preparing t2 return in profile

Jul 26, 2021 | 10:00 AM EDT View Details

workplace culture

Jul 26, 2021 | 10:00 AM EDT View Details

employment law – what will get you sued in 2021

(67)

Jul 26, 2021 | 10:30 AM EDT View Details

ethics irs circular 230 - controversy side of circular 230

(47)

Jul 26, 2021 | 10:30 AM EDT View Details

s-corp preparation, basis calculations & distributions – form 1120s schedule k & k-1 analysis

(4)

Jul 26, 2021 | 11:00 AM EDT View Details

agile auditing

(3)

Jul 26, 2021 | 11:00 AM EDT View Details

itemized deduction updates - with examples & case studies (basic overview)

(222)

Jul 26, 2021 | 11:30 AM EDT View Details

excel’s data validation tools - keep out bad data from the start

(2)

Jul 26, 2021 | 11:30 AM EDT View Details

Course Description

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 session 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.

Key Topics:  

  • Inventory costing methods under IAS 2
  • Ownership of goods
  • Determining net realizable value
  • Standard costing
  • Disclosure requirements 
  • Financial statement presentation

Learning Objectives

  • To review the concepts and rules for inventory under IAS 2
  • To differentiate between alternative valuation methods under IAS 2
  • To identify the fair value of inventory under IAS 2
  • To identify various costs to inventory

Who Should Attend?

  • Accountant
  • Accounting Firm
  • Accounting Managers
  • Accounting Practice Owners
  • Bookkeepers & Accountants & Tax Preparers
  • CPA (Industry)
  • CPA - Mid Size Firm
  • CPA - Small Firm
  • Senior Accountant
  • Staff of Accounting Firm
  • Young CPA

Testimonial

Array
(
    [no_of_record] => 1
    [average] => 5.0000
)
 

5

(1)
100%
0%
0%
0%
0%

MB

A good webinar which covered a lot of ground. All the pointers were explained in a clear and concise way by the presenter.