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International Financial Reporting Standards for Inventory
This IFRS (International Financial Reporting Standards) will guide you through the concepts and rules for inventory costing methods under IFRS.
Description
International Financial Reporting Standards are changing how companies account for inventory on their financial statements. Usually the largest or second-largest item on the balance sheet, and a significant item on the income statement (cost of goods sold), accounting for inventory is a high priority. IFRS asks the accountant to measure the fair value of inventory by choosing among several alternative methods but just exactly how do you do it? This hands-on workshop will provide you with easy-to-follow guidelines that will ensure that you can meet the deadline for complying with these new standards.
Areas Covered in the seminar:
- Concepts and rules for inventory under IFRS.
- Inventory costing methods under IFRS.
- Ownership of goods.
- Fair value of inventory under IFRS.
- Net realizable value.
- Standard costing.
- Other alternative valuation methods under IFRS.
- Disclosure requirements.
- Financial statement presentation.
Who will benefit:
- If you are an accounting professional you need to become familiar with exactly what these new standards consist of, and what these changes mean for companies.
- This workshop will help you become acquainted with the latest information regarding IFRS and will include an opportunity to practice applying these standards.
- CPA. CMA, CFA, CIA
Instructor Profile:
Mike Morley, is a Certified Public Accountant and author of several books including “Sarbanes-Oxley Simplified.” A frequent consultant on SOX and IFRS projects, Mike is a recognized authority in the field of finance. An entertaining and informative speaker, Mike’s presentations help financial professionals stay on top of the latest developments in their field.
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