Inventory is something almost all businesses have, be it in the form of consumables or goods sold, or even internally produced.

A primary issue in accounting for inventories is the amount of cost to be recognised as an asset and carried forward until the related revenues are recognised.

Something that also becomes relevant is, how do you account for / measure inventory that is sold at no charge or for a nominal amount?

This session will help you understand how to appropriately accumulate input costs as part of costing your inventory, what cost determination methods are available, e.g., FIFO and weighted average, how to calculate closing inventory and finally what inventory impairment considerations apply.________________________________________