TAILIEUCHUNG - Lecture IFRS primer international GAAP basics: Chapter 7 - Wiecek, Young

Chapter 7 - Inventories: IAS 2. The main contents of the chapter consist of mains parts: Related standards, IAS 2, current GAAP comparisons, IFRS financial statement disclosures, looking ahead, end-of-chapter practice. | Lecture IFRS primer international GAAP basics Chapter 7 - Wiecek Young Inventories IAS 2 Wiecek and Young IFRS Primer Chapter 7 Inventories Related standards IAS 2 Current GAAP comparisons IFRS financial statement disclosures Looking ahead End-of-chapter practice 2 Related Standards FAS 151 Inventory costs an amendment of ARB 43 ARB 43 Inventories 3 Related Standards IAS 11 Construction contracts IAS 32 Financial instruments presentation IAS 39 Financial instruments recognition and measurement IAS 41 Agriculture 4 IAS 2 - Overview Objective and scope Measurement Expense recognition Disclosure 5 IAS 2 - Objective and Scope Standards for what costs are recognized as inventory costs and when these costs are transferred to the income statement as expense IAS 2 excludes construction work-in- progress inventories of financial instruments and biological inventory assets related to agricultural activity and agricultural products at the point of harvest 6 IAS 2 - Objective and Scope Inventories are assets a held for sale in the ordinary course of business b in the process of production for such sale or c in the form of materials or supplies to be consumed in the production process or in the rendering of services 7 IAS 2 - Measurement Inventories are measured at the lower of cost and net realizable value LC and NRV Need to know - what costs are included - what cost formulas are permitted - how net realizable value is determined 8 IAS 2 - Measurement Costs included 1. Purchase costs 2. Conversion costs 3. Other inventoriable costs 9 IAS 2 - Measurement Purchase costs - purchase price and all costs directly attributable to their acquisition such as non- refundable taxes transportation and handling reduced by volume discounts and rebates 10 IAS 2 - Measurement Conversion costs - direct labor indirect variable and fixed production overhead costs - variable production overhead allocate to inventory based on actual usage - fixed production overhead allocate to production based .

• Kế toán - Kiểm toán
• International Financial Reporting Standards
• Non financial assets
• Reporting basics
• Financial assets
• Reporting entity
• IFRS financial statement
• Financial accounting
• Financial reporting
• Financial reporting standards
• Merchandising operations
• Internal control
• Financial statements
• Stockholders’ equity
• Financial statement analysis
• International financial reporting
• Conceptual framework
• Financial position
• Globalization trend
• International Accounting Standards Board
• Employee benefits
• Revenue recognition
• Including construction contracts
• government grants
• Foreign currency
• Accounting standards worldwide
• Wiley IFRS 2013
• International Financial Reporting Standard
• Tiêu chuẩn báo cáo tài chính quốc tế
• Accounting policies
• Financial liabilities
• Interim financial reports
• Interim financial reporting
• Summary of dissertation
• International financial reporting standards adoption
• Vietnamese enterprises
• IFRS standards in Vietnamese enterprises
• Application of IFRS standards
• Accounting standards
• Financial statement
• Stock exchange
• Joint stock companies
• Vietnam’s accounting standards
• Financial reporting under IFRS
• International trends
• Financial instruments
• Share based payments
• Standards applicable
• Separate financial statements