IAS 2 : Accounting for Inventories

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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 of Accounting for Accountant/Bookkeeper/Tax Professionals
2 CPE Credit of Financial Reporting for Certified Management Accountants (CMA)
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 of Accounting for Certified Government Financial Manager (CGFM)
2 CPE Credit of Financial Accounting for Certified Internal Auditors (CIA)
2 PL Credit of Accounting for Chartered Financial Analyst (CFA)
2 CPE Credit of Accounting for Internal Audit Practitioner (IAP)
2 CPE Credit of Accounting for Qualification in Internal Audit Leadership (QIAL)
2 PL Credit of Accounting 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 CA - 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
2 CPD Credit of Financial Reporting for Certified Financial Forensics (CFF)
2 CPE Credit of Financial accounting for Certified Valuation Analyst (CVA)
2 CPE Credit of Accounting for Certified Public Accountants (CPA-US)
2 CPD Credit of Accounting for Chartered Professional Accountant (CPA Canada)
2 CPE Credit of Financial accounting for Certified Business Appraiser/Master Certified Business Appraiser (CBA/MCBA)

Additional details

Course Level :

Basic
Credits :

2
Instructional Method :

QAS Self Study
Pre-requisites :

None
Advance Preparation :

None

NASBA APPROVED

MY-CPE LLC, 1600 Highway 6 south, suite 250, sugar land, TX, 77478

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

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