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IAS 2 : Accounting for Inventories

  • CMA
  • CPA (US)
IAS 2 : Accounting for Inventories

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

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

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MB

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