INVENTORY

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IAS 2 – Inventory

List of useful info, resources and documents available on other websites about IAS 2 – Inventory. Summary of IAS 2 – IASPlus Full Text of the IAS 2 as at 31 December 2010 provided by IASB (You need to register) Other useful resources … Con...

By |December 8th, 2011|DOCUMENTS, IAS 2, IAS 2 Inventories|Comments Off on IAS 2 – Inventory

Treatment of under/over absorbed overheads

Good luck For All, Kindly Let me Know Is Any Indication of under/ over absorbed production overheads' treatment in IFRSs. If yes Then What And In which one. If Not Then What Is The Proper treatment? Regards Naveed

By |February 28th, 2009|IAS 2|1 Comment

Treatment of Storage Costs

Hi All, Can someone advice the correct treatment of the below case under IFRS. A company is trading in Fuel Oil. It purchases fuel oil, stores it in tanks and sells it. As a result it incurs fuel costs and also storage costs (tank rentals). In a particular transaction, the company purchased fuel oil in [...]

By |February 15th, 2009|IFRS|17 Comments

Inventory Adjustment Entries

Dears, what are the adjusting enteries when inventry is recorded under perpatual system & when at the year end period count is performed & descripencies are found ehither favourable Or Unfavourable. Best regards:

By |February 15th, 2009|IAS 2|2 Comments

Inventory valuation

A company yet to start production had bought some raw materials necessary for production. But the production has been delayed. In the mean time the market value of raw materials has came down. what should be the accounting treatment for the raw material at year end ? should it be valued at current market price [...]

By |December 23rd, 2008|IAS 2|3 Comments

Inventory Report

Hi... I will really appreciate if someone can tell me the format of writing inventory auditing report. Thank u very much, Ibn Hi Please give some more information regarding what you need Hi.. thanx. Recently i have taken physical stock at out warehouse n have noticed some discrepencies. i wanna repot it. i want to [...]

By |December 15th, 2008|AUDIT|0 Comments

Reversal of a previuos inventory writedown

Dear All Kindly feed me back regarding the reversal of any previuos writedown that had been made in a previuos period. Is it possible to reverse a wirte down for inventory made in 2007 to be reversed in 2008 Noting that I couldn’t reach any speci...

By |December 14th, 2008|AUDIT, IAS 2, IAS 8, IFRS, TAX|0 Comments

Budget

Dear All   Can any body tell me that is budget only for expenses or can be for Asset, liabilities and income also. My openion is it can be for all (Asset, liability, Expense and income). Please help me according to the IAS/IFRS. – Best regard...

By |December 14th, 2008|AUDIT, IFRS, OTHER, TAX|0 Comments

IAS 2

Dear all, Is it fair to value inventory at updated standard costs even if the inventory item was manufactured at a time when standard costs were much lower?   Regards, Grace Hi Divine I experienced this issue in 1995 It is fair and possible but al...

By |December 14th, 2008|DOCUMENTS, FINANCIAL INSTRUMENTS, IAS 2, IFRS|0 Comments

Capitalization of WIP

Hello,   If a company asks a third party to construct a fixed asset and at the end of the year, the fixed asset is not complete, but you have a statement of the costs incurred, would you capitalize the costs incurred under Construction in Progress with counterpart in accruals. Or would you record an entry [...]

By |December 14th, 2008|IAS 2|1 Comment

Fixed vs Variable Wage Expense

Hello all, Our company is operating in aircraft maintenance, repair and overhaul (MRO) sector. Wages are paid to the direct&indirect blue collar employees on monthly basis, regardless of how much man/hour spent. But overtime is paid for the excess time charged. Regarding the classification of wages paid to the blue collar as fixed and variable, what do you [...]

By |August 28th, 2008|IAS 2|0 Comments

IAS 2 Inventories

Can anyone help me to understand the IFRS – IAS 2 – 1. Inventory – wrtie-down and write-up of inventory cost?? 2. IAS 2 – Does this apply to work-in-process?? Thanks for your assistance. Ray […]

By |August 28th, 2008|IAS 2|0 Comments

NRV

Hi all, Need your help on this. I am trying to look into my Inventory valuation in my Accounting system hence if you have any suggestions pls do reply me. Currently we are using Navision system and if any of you are using the same system it will be good if I can hear your feedback because I am trying to get my vendor to do NRV valuation for my Inventory and they give me negative answers. In addition we are using FIFO method but in the system it doesn’t calculate it this way. But my vendor tells me this is the way it is. Any good websites which can help will be helpful Regards, Sylvia   […]

By |August 28th, 2008|IAS 2|0 Comments

Valuation of Inventory according to re – denominated currency

Dear All Recently our currency in Zimbabwe was re-denominated by 10 000 000 000 factor, prior to this we imported stocks and converted them at prevailing stipulated rates as at that period. After the re denomination we have stocks at 0 value. According to standards is it possible to re value stocks so that we will be able to reflect true inventory valuation and cost of sales. I appreciate your assistance  Regards     […]

By |August 28th, 2008|IAS 2, OTHER IFRS|0 Comments

Inventory Write-Down

Hi Antonello I hope you can answer some of my questions related to IFRS – inventory write-down. Case: Inventory unit cost was $ 15.00 purchase price Sales price for $35.00 per unit Total unit at year-end – on hand quantity 1000 units Forecast 100% stocks classified as non-salesable. Reserve set up at the end of year was $ 15,000.00 Third party disposition for 1000 units – sales price drop to $10.00 per unit – $10,000.00 What is the accounting treatment for the above transaction under IFRS? Your input is much appreciated. Thanks, Raymond […]

By |August 28th, 2008|IAS 2|0 Comments

IAS 2 INVENTORIES – NET REALIZABLE VALUE AND WRITE-OFF

Hi: Good morning: Henk: Would you be kind to let me know the IFRS – IAS 2 concerning to ret realizable value and write-off: 1. How to handle the declined value of inventory stocks? 2. What is the correct procedure to write-down of damaged or obsolete items? Thanks for your assistance. Raymond […]

By |August 28th, 2008|IAS 2|0 Comments

Difference b/w "Current Cost" & "Replacement Cost"

Dear Moderators,   I need the difference b/w "Current Cost" & "Replacement Cost" as per IAS/IFRS. Plz elaborate with examples. . . .   thanx & b/rgrds, ammad no difference. -- best regards, Tope Current Cost - Current cost is the cost that would be incurred at the present time to replace an asset, the [...]

By |August 28th, 2008|IFRS|0 Comments

Cash/tax

Hi all! Can you tell me the journal entry of this prblem... Goods sold Rs.10000 Discount on cash payment 5%  Add tax 4% Plz journalize it! Sales                    10.000 Credit Sales discounts          500 Debit Tax payable               380  Credit Cash                      9.880 Debit Is this IFRS related? Or is this an accounting course exercise? Cagri Gurses wrote: Agree [...]

By |August 28th, 2008|IFRS|0 Comments

Recognition of Transfer Pricing charges

Quik question for the group. How would you record transfer pricing charges to a foreign subsidiary above the profit line in the P&L?  Specifically, if the TP charge is US$ 1.0MM – I understand the parent side would be an entry to a revenue account; however, the question is how to record it on the [...]

By |August 28th, 2008|IFRS|0 Comments

IAS 2

Dear All can some one explain the Para 19 of IAS 2.I want an example of the inventory held by a service provider.   Thanks and regards -- Kamran Inventories held by service providers are those which will be used incourse of providing services like an Electrician may provide serviceto his clients and can use [...]

By |August 27th, 2008|IFRS|0 Comments