IAS 2 : Accounting for Inventories

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 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 :  

• 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

Recommended For

• This online CPE Webinar on Accounting is recommended for CPAs, CMAs, CIA, and Other Accounting professionals who desire to provide quality accounting services with updated knowledge
• This Accounting webinar is also recommended for ACCA, ICAEW, Chartered Accountant - Ireland, CPA - Ireland, And Chartered Accountant - Scotland.
• This CPE webinar is also recommended for CFA, CFF, CFIRS, CWS, and Others who benefit from the updated knowledge of International Accounting Standards

Who Should Attend?

Webinar Qualifies For

• 2 General Credit for Accountant/Bookkeeper (ACCT./BK)
• 2 CPE Credit of Financial Reporting for Certified Management Accountants (CMA)
• 2 CPE Credit of Accounting for Certified Public Accountants (CPA-US)
• 2 CE Credit for Certified Fiduciary & Investment Risk Specialist (CFIRS)
• 2 CE Credit for Certified Wealth Strategist (CWS)
• 2 CPD Credit of Financial Reporting for Accredited in Business Valuation (ABV)
• 2 CPE Credit of Accounting for Certified Fraud Examiner (CFE)
• 2 CPE Credit for Certified Government Financial Manager (CGFM)
• 2 CPE Credit of Financial Accounting for Certified Internal Auditors (CIA)
• 2 PL Credit for Chartered Financial Analyst (CFA)
• 2 CPE Credit for Internal Audit Practitioner (IAP)
• 2 CPE Credit for Qualification in Internal Audit Leadership (QIAL)
• 2 PL Credit for Certificate In Investment Performance Measurement (CIPM)
• 2 CRE Credit of Financial accounting concepts for Certified Corporate FP&A Professional (FPAC)
• 2 CPD Credit for Chartered Accountants - ICAEW
• 2 CPD Credit for Chartered Certified Accountants (ACCA)
• 2 CPD Credit for Chartered Accountants - Ireland (CAI)
• 2 CPD Credit for Chartered Accountants - Scotland
• 2 CPD Credit for CPA - Ireland

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