Home » Archive

Articles tagged with: INVENTORY

DOCUMENTS, IAS 2, IAS 2 Inventories »

[8 Dec 2011 | Comments Off | 98 views]
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…

IAS 2 »

[28 Feb 2009 | One Comment | 2,815 views]

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

Bookmark on Delicious
Digg this post
Recommend on Facebook
Share on Linkedin
share via Reddit
Share with Stumblers
Tweet about it
Subscribe to the comments on this post
Tell a friend
Print for later

IFRS »

[15 Feb 2009 | 17 Comments | 44,151 views]

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 Dec 2008 and stored it in tanks hired particularly for this transaction and sold the fuel in Jan 2009.
The question is on the treatment of the storage costs (tank rentals) of the particular tank for the month of Dec …

IAS 2 »

[15 Feb 2009 | 2 Comments | 4,962 views]

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:

Bookmark on Delicious
Digg this post
Recommend on Facebook
Share on Linkedin
share via Reddit
Share with Stumblers
Tweet about it
Subscribe to the comments on this post
Tell a friend
Print for later

IAS 2 »

[23 Dec 2008 | 3 Comments | 9,887 views]

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 and difference be treated as pre-operative expense or some other treatment should be given ?

Bookmark on Delicious
Digg this post
Recommend on Facebook
Share on Linkedin
share via Reddit
Share with Stumblers
Tweet about it

AUDIT »

[15 Dec 2008 | No Comment | 3,116 views]

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 know the
format of writing such reports. is there any standard format?

Bookmark on Delicious
Digg this post
Recommend on Facebook
Share on Linkedin
share via Reddit
Share with Stumblers
Tweet about it
Subscribe to the comments on this post
Tell a friend

AUDIT, IAS 2, IAS 8, IFRS, TAX »

[14 Dec 2008 | No Comment | 3,063 views]
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…

AUDIT, IFRS, OTHER, TAX »

[14 Dec 2008 | No Comment | 858 views]
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…

DOCUMENTS, FINANCIAL INSTRUMENTS, IAS 2, IFRS »

[14 Dec 2008 | No Comment | 4,102 views]
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…

IAS 2 »

[14 Dec 2008 | One Comment | 8,346 views]

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 only when it has been delivered to the company?
 
What IFRS would be applicable?
 
Thanks,
Isabelle

 

IFRS 16 would be applicable “Plant , Property and Equipemnt”
 
Recognisation -
Items of property, plant, and equipment should be recognised as assets when it is probable …

IAS 2 »

[28 Aug 2008 | No Comment | 3,362 views]

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 think the classification will be? Should we assume that these wages are related with the level of production, and totally assumed as variable, although the payment is fixed on monthly basis; or only the overtime paid is …

IAS 2 »

[28 Aug 2008 | No Comment | 4,208 views]

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

Bookmark on Delicious
Digg this post
Recommend on Facebook
Share on Linkedin
share via Reddit
Share with Stumblers
Tweet about it
Subscribe to the comments on this post
Tell a friend
Print for later

IAS 2 »

[28 Aug 2008 | No Comment | 3,125 views]

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 …

IAS 2, OTHER IFRS »

[28 Aug 2008 | No Comment | 1,793 views]

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
 
 

Bookmark on Delicious
Digg this post
Recommend on Facebook
Share on Linkedin
share via Reddit

IAS 2 »

[28 Aug 2008 | No Comment | 3,005 views]

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

Bookmark on Delicious
Digg this post
Recommend on Facebook

IAS 2 »

[28 Aug 2008 | No Comment | 3,528 views]

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

Bookmark on Delicious
Digg this post
Recommend on Facebook
Share on Linkedin
share via Reddit
Share with Stumblers
Tweet about it
Subscribe to the comments on this post
Tell a friend
Print for later

IFRS »

[28 Aug 2008 | No Comment | 2,932 views]

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
replacement cost or the lower recoverable amount. See
also historical cost and nominal dollars and constant
dollars.
 
 
 

FIFO Method
- Under FIFO, the first costs inventoried
are the first costs transferred to cost of goods sold.
Ending inventory includes the most recently incurred
costs; thus, the ending inventory balance approximates
replacement cost. In …

IFRS »

[28 Aug 2008 | No Comment | 2,610 views]

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 with the below. However, not sure if he means 4% tax on the 10k or
inclusive in the 10 k. If over and above, then theJEs could look like this
as shown below (broken down for easy understamding). I dont think if it is
inclusive in the 10k that …

IFRS »

[28 Aug 2008 | No Comment | 2,217 views]

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 subsidiaries books (i) as a Cost of Sale or (ii) as a contra revenue?
I am treating it as revenue to the parent and COGS to the sub – looking for arguments that it should be treated …

IFRS »

[27 Aug 2008 | No Comment | 1,248 views]

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 some switches, wires etc.

Bookmark on Delicious
Digg this post
Recommend on Facebook
Share on Linkedin
share via Reddit
Share with Stumblers
Tweet about it
Subscribe to the comments on this post
Tell a friend
Print for later