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	<title>IFRS LIST.com &#187; INVENTORY</title>
	<atom:link href="http://www.ifrslist.com/tag/inventory/feed/" rel="self" type="application/rss+xml" />
	<link>http://www.ifrslist.com</link>
	<description>The Community about IAS/IFRS, International Accounting</description>
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		<item>
		<title>IAS 2 – Inventory</title>
		<link>http://www.ifrslist.com/docs/ias-2-inventory/</link>
		<comments>http://www.ifrslist.com/docs/ias-2-inventory/#comments</comments>
		<pubDate>Thu, 08 Dec 2011 06:54:48 +0000</pubDate>
		<dc:creator>admin</dc:creator>
				<category><![CDATA[DOCUMENTS]]></category>
		<category><![CDATA[IAS 2]]></category>
		<category><![CDATA[IAS 2 Inventories]]></category>
		<category><![CDATA[IAS-IFRS STANDARDS]]></category>
		<category><![CDATA[INVENTORY]]></category>

		<guid isPermaLink="false">http://www.ifrslist.com/docs/?p=76</guid>
		<description><![CDATA[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 &#8230; Con...


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<li><a href='http://www.ifrslist.com/docs/ias-12-income-tax/' rel='bookmark' title='Permanent Link: IAS 12 – Income Tax'>IAS 12 – Income Tax</a></li>
</ol>]]></description>
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		<slash:comments>0</slash:comments>
		</item>
		<item>
		<title>Treatment of under/over absorbed overheads</title>
		<link>http://www.ifrslist.com/2009/02/28/treatment-of-underover-absorbed-overheads/</link>
		<comments>http://www.ifrslist.com/2009/02/28/treatment-of-underover-absorbed-overheads/#comments</comments>
		<pubDate>Sat, 28 Feb 2009 07:20:41 +0000</pubDate>
		<dc:creator>admin</dc:creator>
				<category><![CDATA[IAS 2]]></category>
		<category><![CDATA[INVENTORY]]></category>
		<category><![CDATA[OVERHEAD]]></category>

		<guid isPermaLink="false">http://www.ifrslist.com/?p=1192</guid>
		<description><![CDATA[Good luck For All,
Kindly Let me Know Is Any Indication of under/ over absorbed production overheads&#8217; treatment in IFRSs. If yes Then What And In which one. If Not Then What Is The Proper treatment?
Regards
Naveed


Related posts:About normal capacity
Inventory valuation
Fixed vs Variable Wage Expense



Related posts:<ol><li><a href='http://www.ifrslist.com/2008/12/15/fwd-ifrs-list-about-normal-capacity/' rel='bookmark' title='Permanent Link: About normal capacity'>About normal capacity</a></li>
<li><a href='http://www.ifrslist.com/2008/12/23/inventory-valuation/' rel='bookmark' title='Permanent Link: Inventory valuation'>Inventory valuation</a></li>
<li><a href='http://www.ifrslist.com/2008/08/28/fixed-vs-variable-wage-expense/' rel='bookmark' title='Permanent Link: Fixed vs Variable Wage Expense'>Fixed vs Variable Wage Expense</a></li>
</ol>]]></description>
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		<slash:comments>1</slash:comments>
		</item>
		<item>
		<title>Treatment of Storage Costs</title>
		<link>http://www.ifrslist.com/2009/02/15/treatment-of-storage-costs/</link>
		<comments>http://www.ifrslist.com/2009/02/15/treatment-of-storage-costs/#comments</comments>
		<pubDate>Sun, 15 Feb 2009 18:30:51 +0000</pubDate>
		<dc:creator>admin</dc:creator>
				<category><![CDATA[IFRS]]></category>
		<category><![CDATA[INVENTORY]]></category>
		<category><![CDATA[RENTAL]]></category>
		<category><![CDATA[STORAGE COST]]></category>

		<guid isPermaLink="false">http://www.ifrslist.com/?p=1155</guid>
		<description><![CDATA[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 ...


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<li><a href='http://www.ifrslist.com/2009/04/23/classification-of-ppe-investment-properties-and-assets-held-for-sales/' rel='bookmark' title='Permanent Link: Classification of PPE, Investment Properties and Assets held for sales'>Classification of PPE, Investment Properties and Assets held for sales</a></li>
</ol>]]></description>
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		<slash:comments>17</slash:comments>
		</item>
		<item>
		<title>Inventory Adjustment Entries</title>
		<link>http://www.ifrslist.com/2009/02/15/inventory-adjustment-entries/</link>
		<comments>http://www.ifrslist.com/2009/02/15/inventory-adjustment-entries/#comments</comments>
		<pubDate>Sun, 15 Feb 2009 10:24:10 +0000</pubDate>
		<dc:creator>admin</dc:creator>
				<category><![CDATA[IAS 2]]></category>
		<category><![CDATA[INVENTORY]]></category>

		<guid isPermaLink="false">http://www.ifrslist.com/?p=1153</guid>
		<description><![CDATA[Dears,
what are the adjusting enteries when inventry is recorded under perpatual system &#038;  when at the year end period count is performed &#038;  descripencies are found ehither favourable Or Unfavourable.
Best regards:


Related posts:Prior year adjustment
Reversal of a previuos inventory writedown
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<li><a href='http://www.ifrslist.com/2008/12/15/reversal-of-a-previuos-inventory-writedown/' rel='bookmark' title='Permanent Link: Reversal of a previuos inventory writedown'>Reversal of a previuos inventory writedown</a></li>
<li><a href='http://www.ifrslist.com/2008/12/23/inventory-valuation/' rel='bookmark' title='Permanent Link: Inventory valuation'>Inventory valuation</a></li>
</ol>]]></description>
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		<slash:comments>2</slash:comments>
		</item>
		<item>
		<title>Inventory valuation</title>
		<link>http://www.ifrslist.com/2008/12/23/inventory-valuation/</link>
		<comments>http://www.ifrslist.com/2008/12/23/inventory-valuation/#comments</comments>
		<pubDate>Tue, 23 Dec 2008 08:48:16 +0000</pubDate>
		<dc:creator>deepak</dc:creator>
				<category><![CDATA[IAS 2]]></category>
		<category><![CDATA[INVENTORY]]></category>
		<category><![CDATA[RAW MATERIAL]]></category>

		<guid isPermaLink="false">http://www.ifrslist.com/?p=1063</guid>
		<description><![CDATA[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 ?


Related posts:Valuation of Inventory according to re &#8211; denominated currency
Inventory Write-Down
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</ol>]]></description>
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		<slash:comments>3</slash:comments>
		</item>
		<item>
		<title>IAS 2</title>
		<link>http://www.ifrslist.com/2008/12/15/fwd-ifrs-list-ias-2-2/</link>
		<comments>http://www.ifrslist.com/2008/12/15/fwd-ifrs-list-ias-2-2/#comments</comments>
		<pubDate>Sun, 14 Dec 2008 22:24:00 +0000</pubDate>
		<dc:creator>ifrslist</dc:creator>
				<category><![CDATA[IAS 2]]></category>
		<category><![CDATA[BUDGET]]></category>
		<category><![CDATA[CIA]]></category>
		<category><![CDATA[DISCLOSURE]]></category>
		<category><![CDATA[EXCHANGE RATE]]></category>
		<category><![CDATA[FINANCIAL INSTRUMENTS]]></category>
		<category><![CDATA[IAS]]></category>
		<category><![CDATA[IFRS]]></category>
		<category><![CDATA[INVENTORY]]></category>
		<category><![CDATA[REPORT]]></category>
		<category><![CDATA[SHARE]]></category>

		<guid isPermaLink="false">http://www.ifrsforsme.com/share/2008/12/fwd-ifrs-list-ias-2-2/</guid>
		<description><![CDATA[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 all depends on the control and policies you have
IAS 2 allows you to use standard cost valuation for inventory in final reporting if standards approximate to actuals.  As you well say below the standards will always differ a lot to actuals particularly now (and so was the case in 1995) because of ...


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<li><a href='http://www.ifrslist.com/2008/12/15/fwd-ifrs-list-budget/' rel='bookmark' title='Permanent Link: Budget'>Budget</a></li>
</ol>]]></description>
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		<slash:comments>0</slash:comments>
		</item>
		<item>
		<title>Inventory Report</title>
		<link>http://www.ifrslist.com/2008/12/15/inventory-report/</link>
		<comments>http://www.ifrslist.com/2008/12/15/inventory-report/#comments</comments>
		<pubDate>Sun, 14 Dec 2008 22:21:00 +0000</pubDate>
		<dc:creator>ifrslist</dc:creator>
				<category><![CDATA[AUDIT]]></category>
		<category><![CDATA[CIA]]></category>
		<category><![CDATA[IFRS]]></category>
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		<guid isPermaLink="false">http://www.ifrsforsme.com/share/2008/12/fwd-ifrs-list-inventory-report/</guid>
		<description><![CDATA[Hi&#8230;
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?


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<li><a href='http://www.ifrslist.com/2010/07/14/writing-down-inventory/' rel='bookmark' title='Permanent Link: Writing-Down Inventory'>Writing-Down Inventory</a></li>
</ol>]]></description>
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		<slash:comments>0</slash:comments>
		</item>
		<item>
		<title>Reversal of a previuos inventory writedown</title>
		<link>http://www.ifrslist.com/2008/12/15/reversal-of-a-previuos-inventory-writedown/</link>
		<comments>http://www.ifrslist.com/2008/12/15/reversal-of-a-previuos-inventory-writedown/#comments</comments>
		<pubDate>Sun, 14 Dec 2008 23:40:00 +0000</pubDate>
		<dc:creator>admin</dc:creator>
				<category><![CDATA[AUDIT]]></category>
		<category><![CDATA[IAS 2]]></category>
		<category><![CDATA[IAS 8]]></category>
		<category><![CDATA[IFRS]]></category>
		<category><![CDATA[TAX]]></category>
		<category><![CDATA[CIA]]></category>
		<category><![CDATA[IAS]]></category>
		<category><![CDATA[INVENTORY]]></category>
		<category><![CDATA[NRV]]></category>
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		<category><![CDATA[SHARE]]></category>
		<category><![CDATA[WRITE DOWN]]></category>

		<guid isPermaLink="false">http://www.ifrsforsme.com/share/2008/12/fwd-ifrs-list-reversal-of-a-previuos-inventory-writedown/</guid>
		<description><![CDATA[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&#8217;t reach any speci...


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<li><a href='http://www.ifrslist.com/2008/12/15/fwd-ifrs-list-budget/' rel='bookmark' title='Permanent Link: Budget'>Budget</a></li>
</ol>]]></description>
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		<slash:comments>0</slash:comments>
		</item>
		<item>
		<title>Budget</title>
		<link>http://www.ifrslist.com/2008/12/15/fwd-ifrs-list-budget/</link>
		<comments>http://www.ifrslist.com/2008/12/15/fwd-ifrs-list-budget/#comments</comments>
		<pubDate>Sun, 14 Dec 2008 22:28:00 +0000</pubDate>
		<dc:creator>ifrslist</dc:creator>
				<category><![CDATA[AUDIT]]></category>
		<category><![CDATA[IFRS]]></category>
		<category><![CDATA[OTHER]]></category>
		<category><![CDATA[TAX]]></category>
		<category><![CDATA[BUDGET]]></category>
		<category><![CDATA[CASH]]></category>
		<category><![CDATA[CASH FLOW]]></category>
		<category><![CDATA[CIA]]></category>
		<category><![CDATA[DISCLOSURE]]></category>
		<category><![CDATA[EQUITY]]></category>
		<category><![CDATA[EXPENSES]]></category>
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		<category><![CDATA[INTERCOMPANY]]></category>
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		<category><![CDATA[LINK]]></category>
		<category><![CDATA[LOAN]]></category>
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		<guid isPermaLink="false">http://www.ifrsforsme.com/share/2008/12/fwd-ifrs-list-budget/</guid>
		<description><![CDATA[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.
&#8211;
Best regard...


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</ol>]]></description>
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		<slash:comments>0</slash:comments>
		</item>
		<item>
		<title>Capitalization of WIP</title>
		<link>http://www.ifrslist.com/2008/12/14/capitalization-of-wip/</link>
		<comments>http://www.ifrslist.com/2008/12/14/capitalization-of-wip/#comments</comments>
		<pubDate>Sun, 14 Dec 2008 18:44:00 +0000</pubDate>
		<dc:creator>admin</dc:creator>
				<category><![CDATA[IAS 2]]></category>
		<category><![CDATA[ACCRUAL]]></category>
		<category><![CDATA[AUDIT]]></category>
		<category><![CDATA[CIA]]></category>
		<category><![CDATA[DISCLOSURE]]></category>
		<category><![CDATA[DOWNLOAD]]></category>
		<category><![CDATA[FIXED ASSET]]></category>
		<category><![CDATA[IAS]]></category>
		<category><![CDATA[IAS 1]]></category>
		<category><![CDATA[IAS 16]]></category>
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		<category><![CDATA[IFRS]]></category>
		<category><![CDATA[INTERNAL AUDIT]]></category>
		<category><![CDATA[International]]></category>
		<category><![CDATA[INVENTORY]]></category>
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		<guid isPermaLink="false">http://www.ifrsforsme.com/share/2008/12/fwd-ifrs-list-capitalization-of-wip/</guid>
		<description><![CDATA[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 &#8220;Plant , Property and Equipemnt&#8221;
 
Recognisation -
Items of property, plant, and equipment should be recognised as assets when it is probable ...


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</ol>]]></description>
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		<slash:comments>1</slash:comments>
		</item>
		<item>
		<title>Fixed vs Variable Wage Expense</title>
		<link>http://www.ifrslist.com/2008/08/28/fixed-vs-variable-wage-expense/</link>
		<comments>http://www.ifrslist.com/2008/08/28/fixed-vs-variable-wage-expense/#comments</comments>
		<pubDate>Thu, 28 Aug 2008 15:29:00 +0000</pubDate>
		<dc:creator>ifrslist</dc:creator>
				<category><![CDATA[IAS 2]]></category>
		<category><![CDATA[INVENTORY]]></category>
		<category><![CDATA[OVERHEAD]]></category>
		<category><![CDATA[WAGE EXPENSE]]></category>

		<guid isPermaLink="false">http://ifrslist.wordpress.com/2008/08/28/re-ifrs-list-fixed-vs-variable-wage-expense/</guid>
		<description><![CDATA[Hello all,
Our company is operating in aircraft maintenance, repair and overhaul (MRO) sector. Wages are paid to the direct&#38;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 ...


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<li><a href='http://www.ifrslist.com/2008/08/28/fixed-asset-exchange-problem/' rel='bookmark' title='Permanent Link: Fixed Asset Exchange Problem'>Fixed Asset Exchange Problem</a></li>
</ol>]]></description>
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		</item>
		<item>
		<title>IAS 2 Inventories</title>
		<link>http://www.ifrslist.com/2008/08/28/ias-2-inventories/</link>
		<comments>http://www.ifrslist.com/2008/08/28/ias-2-inventories/#comments</comments>
		<pubDate>Thu, 28 Aug 2008 15:28:00 +0000</pubDate>
		<dc:creator>ifrslist</dc:creator>
				<category><![CDATA[IAS 2]]></category>
		<category><![CDATA[INVENTORY]]></category>
		<category><![CDATA[INVENTORY IN PROGRESS]]></category>
		<category><![CDATA[WRITE DOWN]]></category>
		<category><![CDATA[WRITE UP]]></category>

		<guid isPermaLink="false">http://ifrslist.wordpress.com/2008/08/28/re-ifrs-list-ias-2-inventories/</guid>
		<description><![CDATA[Can anyone help me to understand the IFRS &#8211; IAS 2 -
1. Inventory &#8211; wrtie-down and write-up of inventory cost??
2. IAS 2 &#8211; Does this apply to work-in-process??
Thanks for your assistance.
Ray


Ray,
1. You should write down inventory to NRV (net reasliable value) or when
the stock became obsolete. You can increase the value of inventory when
you measure your stock at standard cost/retail method and the standard
change.
2. The IAS2 applies also to WIP, however under specific circustances you
don&#8217;t have to value WIP at all.
Regards,
Jakub




This topic was already discussed

Background:Back in 1995 when we floated ...


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<li><a href='http://www.ifrslist.com/2008/12/15/fwd-ifrs-list-ias-2-2/' rel='bookmark' title='Permanent Link: IAS 2'>IAS 2</a></li>
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		</item>
		<item>
		<title>NRV</title>
		<link>http://www.ifrslist.com/2008/08/28/list-nrv/</link>
		<comments>http://www.ifrslist.com/2008/08/28/list-nrv/#comments</comments>
		<pubDate>Thu, 28 Aug 2008 15:26:00 +0000</pubDate>
		<dc:creator>ifrslist</dc:creator>
				<category><![CDATA[IAS 2]]></category>
		<category><![CDATA[FIFO]]></category>
		<category><![CDATA[INVENTORY]]></category>
		<category><![CDATA[NRV]]></category>

		<guid isPermaLink="false">http://ifrslist.wordpress.com/2008/08/28/re-odp-ifrs-list-nrv/</guid>
		<description><![CDATA[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&#8217;t calculate it this ...


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<li><a href='http://www.ifrslist.com/2008/08/28/ias-2-inventories/' rel='bookmark' title='Permanent Link: IAS 2 Inventories'>IAS 2 Inventories</a></li>
<li><a href='http://www.ifrslist.com/2008/12/15/fwd-ifrs-list-ias-2-2/' rel='bookmark' title='Permanent Link: IAS 2'>IAS 2</a></li>
</ol>]]></description>
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		</item>
		<item>
		<title>Valuation of Inventory according to re &#8211; denominated currency</title>
		<link>http://www.ifrslist.com/2008/08/28/valuation-of-inventory-according-to-re-denominated-currency/</link>
		<comments>http://www.ifrslist.com/2008/08/28/valuation-of-inventory-according-to-re-denominated-currency/#comments</comments>
		<pubDate>Thu, 28 Aug 2008 15:21:00 +0000</pubDate>
		<dc:creator>ifrslist</dc:creator>
				<category><![CDATA[IAS 2]]></category>
		<category><![CDATA[OTHER IFRS]]></category>
		<category><![CDATA[HYPERINFLATIONARY ECONOMIES]]></category>
		<category><![CDATA[IAS 29]]></category>
		<category><![CDATA[INVENTORY]]></category>

		<guid isPermaLink="false">http://ifrslist.wordpress.com/2008/08/28/re-ifrs-list-re-valuation-of-inventory-according-to-re-denominated-currency/</guid>
		<description><![CDATA[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
 
 
Dear Brighton 
 






As the economy in Zimbabwe has gone hyperinflationary it seem logical to follow IAS 29 ...


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<li><a href='http://www.ifrslist.com/2008/08/28/inventory-write-down/' rel='bookmark' title='Permanent Link: Inventory Write-Down'>Inventory Write-Down</a></li>
<li><a href='http://www.ifrslist.com/2008/12/15/fwd-ifrs-list-basis-for-valuation-of-closing-stock/' rel='bookmark' title='Permanent Link: Fwd: [IFRS List] Basis for Valuation of closing stock.'>Fwd: [IFRS List] Basis for Valuation of closing stock.</a></li>
</ol>]]></description>
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		</item>
		<item>
		<title>Inventory Write-Down</title>
		<link>http://www.ifrslist.com/2008/08/28/inventory-write-down/</link>
		<comments>http://www.ifrslist.com/2008/08/28/inventory-write-down/#comments</comments>
		<pubDate>Thu, 28 Aug 2008 15:13:00 +0000</pubDate>
		<dc:creator>ifrslist</dc:creator>
				<category><![CDATA[IAS 2]]></category>
		<category><![CDATA[INVENTORY]]></category>
		<category><![CDATA[WRITE DOWN]]></category>

		<guid isPermaLink="false">http://ifrslist.wordpress.com/2008/08/28/re-ifrs-list-inventory-write-down/</guid>
		<description><![CDATA[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 &#8211; 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 &#8211; $10,000.00
What is the accounting treatment for the above transaction under IFRS?
Your input is much appreciated.
Thanks,
Raymond
A loan can be classified as available for sale in ...


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<li><a href='http://www.ifrslist.com/2008/08/28/ias-2-inventories-net-realizable-value-and-write-off/' rel='bookmark' title='Permanent Link: IAS 2 INVENTORIES &#8211; NET REALIZABLE VALUE AND WRITE-OFF'>IAS 2 INVENTORIES &#8211; NET REALIZABLE VALUE AND WRITE-OFF</a></li>
</ol>]]></description>
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		</item>
		<item>
		<title>IAS 2 INVENTORIES &#8211; NET REALIZABLE VALUE AND WRITE-OFF</title>
		<link>http://www.ifrslist.com/2008/08/28/ias-2-inventories-net-realizable-value-and-write-off/</link>
		<comments>http://www.ifrslist.com/2008/08/28/ias-2-inventories-net-realizable-value-and-write-off/#comments</comments>
		<pubDate>Thu, 28 Aug 2008 15:07:00 +0000</pubDate>
		<dc:creator>ifrslist</dc:creator>
				<category><![CDATA[IAS 2]]></category>
		<category><![CDATA[INVENTORY]]></category>
		<category><![CDATA[MARKET VALUE]]></category>

		<guid isPermaLink="false">http://ifrslist.wordpress.com/2008/08/28/re-ifrs-list-reias-2-inventories-net-realizable-value-and-write-off/</guid>
		<description><![CDATA[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

 
The easy way would be that the outcome using a flat rate does not materially differ from using the (IFRS correct) effective rate. Otherwise the accounting needs to either
-          keep a separate ledger to account for income using an effective rate (for ...


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<li><a href='http://www.ifrslist.com/2008/08/28/inventory-write-down/' rel='bookmark' title='Permanent Link: Inventory Write-Down'>Inventory Write-Down</a></li>
<li><a href='http://www.ifrslist.com/2008/08/28/re-ifrs-list-reinterest-income-recognition-usingeffective-rate/' rel='bookmark' title='Permanent Link: Interest income recognition usingeffective rate'>Interest income recognition usingeffective rate</a></li>
</ol>]]></description>
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		</item>
		<item>
		<title>Difference b/w &quot;Current Cost&quot; &amp; &quot;Replacement Cost&quot;</title>
		<link>http://www.ifrslist.com/2008/08/28/re-ifrs-list-difference-bw-current-cost-replacement-cost/</link>
		<comments>http://www.ifrslist.com/2008/08/28/re-ifrs-list-difference-bw-current-cost-replacement-cost/#comments</comments>
		<pubDate>Thu, 28 Aug 2008 15:06:00 +0000</pubDate>
		<dc:creator>ifrslist</dc:creator>
				<category><![CDATA[IFRS]]></category>
		<category><![CDATA[FIFO]]></category>
		<category><![CDATA[IAS]]></category>
		<category><![CDATA[INVENTORY]]></category>

		<guid isPermaLink="false">http://ifrslist.wordpress.com/2008/08/28/re-ifrs-list-difference-bw-current-cost-replacement-cost/</guid>
		<description><![CDATA[Dear Moderators,
 
I need the difference b/w &#8220;Current Cost&#8221; &#38; &#8220;Replacement Cost&#8221; as per IAS/IFRS. Plz elaborate with examples. . . .
 
thanx &#38; b/rgrds,
ammad



no difference.

&#8211;
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 ...


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<li><a href='http://www.ifrslist.com/2008/12/15/fwd-ifrs-list-ias-2-2/' rel='bookmark' title='Permanent Link: IAS 2'>IAS 2</a></li>
</ol>]]></description>
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		</item>
		<item>
		<title>Cash/tax</title>
		<link>http://www.ifrslist.com/2008/08/28/re-ifrs-list-cashtax/</link>
		<comments>http://www.ifrslist.com/2008/08/28/re-ifrs-list-cashtax/#comments</comments>
		<pubDate>Thu, 28 Aug 2008 14:39:00 +0000</pubDate>
		<dc:creator>ifrslist</dc:creator>
				<category><![CDATA[IFRS]]></category>
		<category><![CDATA[AICPA]]></category>
		<category><![CDATA[CASH]]></category>
		<category><![CDATA[CONSOLIDATION]]></category>
		<category><![CDATA[CPA]]></category>
		<category><![CDATA[DOWNLOAD]]></category>
		<category><![CDATA[GAAP]]></category>
		<category><![CDATA[INVENTORY]]></category>
		<category><![CDATA[LINK]]></category>
		<category><![CDATA[SEC]]></category>
		<category><![CDATA[TAX]]></category>
		<category><![CDATA[US GAAP]]></category>

		<guid isPermaLink="false">http://ifrslist.wordpress.com/2008/08/28/re-ifrs-list-cashtax/</guid>
		<description><![CDATA[Hi all!
Can you tell me the journal entry of this prblem&#8230;
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 ...


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<li><a href='http://www.ifrslist.com/2008/12/15/fwd-ifrs-list-impairment-goodwill/' rel='bookmark' title='Permanent Link: Impairment Goodwill'>Impairment Goodwill</a></li>
</ol>]]></description>
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		</item>
		<item>
		<title>Recognition of Transfer Pricing charges</title>
		<link>http://www.ifrslist.com/2008/08/28/re-ifrs-list-recognition-of-transfer-pricing-charges/</link>
		<comments>http://www.ifrslist.com/2008/08/28/re-ifrs-list-recognition-of-transfer-pricing-charges/#comments</comments>
		<pubDate>Thu, 28 Aug 2008 14:38:00 +0000</pubDate>
		<dc:creator>ifrslist</dc:creator>
				<category><![CDATA[IFRS]]></category>
		<category><![CDATA[CIA]]></category>
		<category><![CDATA[CONSOLIDATION]]></category>
		<category><![CDATA[INTERCOMPANY]]></category>
		<category><![CDATA[INVENTORY]]></category>
		<category><![CDATA[PPE]]></category>
		<category><![CDATA[SUBSIDIARY]]></category>

		<guid isPermaLink="false">http://ifrslist.wordpress.com/2008/08/28/re-ifrs-list-recognition-of-transfer-pricing-charges/</guid>
		<description><![CDATA[Quik question for the group.
How would you record transfer pricing charges to a foreign subsidiary above the profit line in the P&#38;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 ...


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		</item>
		<item>
		<title>IAS 2</title>
		<link>http://www.ifrslist.com/2008/08/27/fwd-ifrs-list-ias-2/</link>
		<comments>http://www.ifrslist.com/2008/08/27/fwd-ifrs-list-ias-2/#comments</comments>
		<pubDate>Wed, 27 Aug 2008 20:52:00 +0000</pubDate>
		<dc:creator>ifrslist</dc:creator>
				<category><![CDATA[IFRS]]></category>
		<category><![CDATA[AUDIT]]></category>
		<category><![CDATA[CASH]]></category>
		<category><![CDATA[CIA]]></category>
		<category><![CDATA[IAS]]></category>
		<category><![CDATA[IAS 2]]></category>
		<category><![CDATA[International]]></category>
		<category><![CDATA[INVENTORY]]></category>

		<guid isPermaLink="false">http://ifrslist.wordpress.com/2008/08/27/fwd-ifrs-list-ias-2/</guid>
		<description><![CDATA[
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

&#8211;
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.



Related posts:Category of Assets
Capitalization of WIP
IAS-27 query



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