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IAS 2 : Accounting for Inventories

  • ACCT/BK
  • CPA/ABV
  • CFE
  • CGFM
  • CIA
  • CMA
  • CPA (US)
  • CA - ICAEW
  • CFA
  • IAP
  • QIAL
  • ACCA
  • FASA, MCBA
  • CIPM
  • FPAC
  • CA - Ireland
  • CA - Scotland
  • CPA - Ireland
  • CFIRS
  • CWS

Published: April, 2022

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Before starting this self study program, please go through the instructional document.

  • Course Description
  • Course Qualification
  • Presenter
  • FAQ

Course Description

Overview

  • What does IAS 2 Apply to?
    16 mins
  • Net realizable value
    21 mins
  • Measurement of inventories
    35 mins
  • Recognition as an expense
    65 mins
  • Discosures
    69 mins

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?

  • 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

Course Qualification

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

Additional details

  • Course Level :
    Basic
  • Credits :
    2
  • Instructional Method :
    QAS Self Study
  • Pre-requisites :
    None
  • Advance Preparation :
    None

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MY-CPE LLC (Sponsor Id#: 143597) is registered with the National Association of State Boards of Accountancy (NASBA) as a sponsor of continuing professional education on the National Registry of CPE Sponsors. State boards of accountancy have final authority on the acceptance of individual courses for CPE credit. Complaints regarding registered sponsors may be submitted to the National Registry of CPE Sponsors through its website: www.NASBARegistry.org.

Presenter

About Presenter

Michel Morley

Founder, Mike Morley

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.

Faq

FAQs content

  • To receive Continuing Education credit for the event, you must register for the webcast prior to the start of each program.
  • Continuing Education Credit Certificate is available to all eligible participants within 24 hours of each webinar.
  • You must attend complete live webinar and respond to all polling questions asked during the webinar. Credits would be issued on 50 minute credit hour basis.
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  • Our courses meet the global Continuing Professional Development (CPD-IES7) Standard for Chartered Accountants with International Education Standard 7 (IES 7) set by The International Federation of Accountants (IFAC), the International Accounting Education Standards Board (IAESB) and the Association of Chartered Certified Accountants (ACCA). Based on our accreditation by existing IFAC members and affiliates, we believe learners can count their professionally relevant, verifiable learning activities on myCPE, including taking on demand courses and attending live webinars, toward fulfillment of their verifiable CPD-IES7 requirements. However, if there is any question, we recommend that the individual learner confirm with his/her professional licensing organization before taking myCPE courses for CPD-IES7 credit.
  • You can manage your continuing education certificates and credits through your certificate dashboard which is available when you are logged in to your account (LOGIN)
  • As an accredited provider of Continuing Professional Education in the United States, myCPE online learning platform, courses, and webinars meet the requirements set forth by the Institute of Management Accountants (IMA), an IFAC Member Organization, as well as the National State Boards of Accountancy (NASBA) and the Institute of Internal Auditors (IIA), both IFAC Affiliates. As well as it has been approved by NASBA, Internal Revenue Service (IRS), Certified Financial Planner Board (CFP Board), California Tax Education Council (CTEC), Society of Human Resource Professional (SHRM), Human Resource Certification Institute (HRCI) and many more.Therefore, we believe learners can count their professionally relevant, verifiable learning activities on myCPE, including taking on demand courses and attending live webinars, toward fulfillment of their verifiable continuing education requirement as CPD-IES7 requirements. However, if there is any question, we recommend that the individual learner confirm with his/her professional licensing organization before taking myCPE courses for CPD-IES7 credit.
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