Inventory is something almost all businesses have, be it in the form of consumables or goods sold by retailers, or even internally produced.
Even entities providing services are required to keep track of their “cost of sales”, which is dealt with in this standard.
This session will help you understand what cost determination methods are available, e.g. FIFO, how to calculate closing inventory based on perpetual versus periodic inventory systems, how to accumulate input costs as part of production, and finally what inventory impairment considerations apply.
• This session will address the following:
o What types of costs may form part of inventory-costing
o Measurement of cost
o Inventory write-downs
o Corresponding expense recognition, i.e. cost of sales
o Disclosure
Auditors
Bookkeepers
Financial accountants
Audit managers
Audit partners
Engagement Quality Control Reviewers
Business professionals
