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7. LKAS 2 / IAS 2 - Inventories standard for ICASL, AAT, CMA, ACCA, CIMA, A/L and all the academic and professional courses. We use your LinkedIn profile and activity data to personalize ads and to show you more relevant ads. Introduction BC1 This Basis for Conclusions summarises the International Accounting Standards Board’s considerations in reaching its conclusions on revising IAS 2 Inventories in 2003. You can change your ad preferences anytime. Presentation & 39 Financial Instruments: Recognition and measurement) costs to sell. Inventories IAS 2 PowerPoint Presentation. View IAS 2 - Inventories.ppt from ACCT 3604 at University of Technology, Jamaica. IAS 2, Inventories, requires that inventories be valued at cost, or, if lower, at net realisable value. IFRS Reference Manual. IAS 2 Inventory The objective of IAS 2 is to prescribe the accounting treatment for inventories. We are very likely engaged in the audit or job in valuation of inventories. IAS 2, Inventories – A Closer Look K.S.Muthupandian* In September 1974, the International Accounting Standards Committee (IASC) issued the Exposure Draft E2, Valuation and Presentation of Inventories in the Context of the Historical Cost System. 40 IAS 2 Inventories Also refer: IFRIC 20 Stripping Costs in the Production Phase of a Surface Mine Effective Date Periods beginning on or after 1 January 2005 All inventories except: Specific quantitative disclosure requirements: of completion and the estimated costs to make the sale. IFRS 6 - Exploration for and Evaluation of Mineral Resources. It superseded the earlier SIC-1 Consistency-Different Cost Formulas for Inventories. Amazing work Sir.short and summarized and the method of delivering the knowledge via question wise is very nice because in this case Users of the website is not going to forget in the future. 2 IAS 2 provides guidance on the following in respect of the accounting for inventories: • The amount of cost to be recognised as an asset and carried forward until the related revenue is recognised. LKAS 2 / IAS 2 - Inventories - Free download as Powerpoint Presentation (.ppt / .pptx), PDF File (.pdf), Text File (.txt) or view presentation slides online. 3. IAS2 (Inventory) - Questions. The first signal for the modification of IAS 2 „St ock” occurred in 1999, Inventories Gaap Vs. Ifrs PPT. It provides guidance for determining the cost of inventories and for subsequently recognising an expense, including any write-down to net realisable value. IAS 2 standard and published it in December 1993, under the name of IAS 2 „Stocks”. Introduction definitions; 4 Definitions. IFRS 2 - Share-based Payment . Download Presentation. During this engagement we need to identify accounting treatments, specify cost of inventory, identify cost formula, calculation of NRV. Introduction definitions 2. IAS 2 - INVENTORIES Objective and Scope OBJECTIVE: The objective of this Standard is to prescribe the accounting IAS 2 paragraph 9 prescribes that inventories must be measured at the lower of the cost and net realizable value. IAS 2 applies to all inventories, except: Work in progress arising under construction contracts, including directly, related service contracts (see IAS 11 Construction Contracts), Financial instruments (see IAS 39 Financial Instruments), Biological assets related to agricultural activity and agricultural produce at, the point of harvest (see IAS 41 Agriculture). Im Standard wird vorgeschrieben, Vorräte mit dem niedrigeren Wert aus Anschaffungs- oder Herstellungskosten und Nettoveräußerungswert anzusetzen, und es werden akzeptable Methoden der Bestimmung von Kosten dargestellt. The standard IAS 2 Inventories does not permit using LIFO (last-in-first-out). Please note IAS 2 does not apply to Work in Progress, some non-tangible assets and some assets of a biological nature e.g. Introduction : International Accounting Standard 2 Inventories (IAS 2) replaces IAS 2 Inventories (revised in 1993) and It should be applied for annual periods beginning on or after 1 January 2005. CC Attribution-NonCommercial-ShareAlike License, 1. 3 thoughts on “ Quiz: IAS 2 Inventories (Conceptual) ” Mehtab Hassan July 11, 2016 at 12:58 pm. The basic measurement principle (lower of cost and net realizable value) is consistent with IAS 2. The inventories are measured at lower of cost or NRC (net realizable value). If you continue browsing the site, you agree to the use of cookies on this website. IAS 2 - Inventories Topic summary provided by PwC, giving latest developments and overview, a summary of … Hence, the total value of inventories in the financial statements should be £46,077. Slideshare uses cookies to improve functionality and performance, and to provide you with relevant advertising. IAS 2 - Inventories. Inventories are stated at the lower of cost or net realisable value. Practical guide to Phase 2 amendments to IFRS 9, IAS 39, IFRS 7, IFRS 4 and IFRS 16 for interest rate benchmark (IBOR) reform The IASB has issued amendments to IFRS 9, IAS 39, IFRS 7, IFRS 4 and IFRS 16 that address issues arising during the reform of benchmark interest rates including the replacement of one benchmark rate with an alternative one. 100% 100% found this document useful, Mark this document as useful. In fact, the standard IAS 2 Inventories prescribes that when the inventories are: Not ordinarily interchangeable; and ; Goods or services are produced and segregated for specific projects, their cost shall be assigned using specific identification. Presentation Summary : US GAAP - 330-10. LIFO is permitted by US GAAP though, and maybe also by some other accounting rules. This leads to a requirement for impairment test. IAS. IAS 2 Inventories. No such concept of reversal. Commodity brokers who measure inventory at fair value less costs to sell. This preview shows page 1 - 7 out of 15 pages. inventories – ias 2 n r govindarajan fca,aicwa,cisa,disa(icai) chartered accountant Slideshare uses cookies to improve functionality and performance, and to provide you with relevant advertising. Individual Board members gave greater weight to some factors than IAS 2 also provides guidance on cost formulas that are used to assign costs to inventories. Create Presentation Download Presentation. The standard provides guidance on the determination of cost and its subsequent recognition as an expense, including any write-down to net realisable value. If you continue browsing the site, you agree to the use of cookies on this website. See also a separate page on cost formulas for interchangeable inventories. Summary of IAS 2 (Inventories) is provided here in order to enable students and professionals to grasp spirit of IAS 2 (Inventories) in a short span of time. Inventories IAS 2. Ias 1 presentation of financial statements, No public clipboards found for this slide. Inventories shall be measured at the lower of cost and net realisable value, The cost of inventories shall comprise all costs of purchase, cost of conversion, and other costs incurred in bringing the inventories to their present location and. See our User Agreement and Privacy Policy. IFRS – IAS 2. IAS 2 Inventories 1 Overview IAS 2 sets out the accounting treatment for inventories, including the determination of cost, the subsequent recognition of an expense and any write-downs to net realisable value. Title: Inventories IAS 2 1 InventoriesIAS 2. The first signal for the modification of IAS 2 „St ock” occurred in 1999, It superseded the earlier SIC-1 Consistency-Different Cost Formulas for Inventories. Presentation Summary : US GAAP - 330-10. University of Central Punjab, Lahore • FINM 3111, Polytechnic University of the Philippines, Dokuz Eylül University - Tınaztepe Campus, Polytechnic University of the Philippines • IAS 2, Dokuz Eylül University - Tınaztepe Campus • ACCOUNTING MISC, Amina Degree College for Women, Peshawar • ACCOUNTING 101. Financial instruments (IFRS 9/IAS 39) 3. Cost is determined using the first-in, first-out (FIFO) method. This Standard applies to all inventories other than; Work in progress under construction contracts and directly related service contracts. Amazing work Sir.short and summarized and the method of delivering the knowledge via question wise is very nice because in this case Users of the website is not going to forget in the future. The net reliable value of inventory is the value of an inventory item is amount that can be realized upon the sale of the inventory, less a reasonable estimate of the costs associated with the eventual sale or disposal of the inventory. Date added: 06-28-2020 Inventories are assets: Held for sale in ordinary course of business In the process of production for such sale In the form of materials or supplies to be consumed in the production process or in the rendering of services. IAS 2 Inventories was issued by the International Accounting Standards Committee in December 1993. Print. Looks like you’ve clipped this slide to already. INVENTORIES – IAS 2 N R GOVINDARAJAN FCA,AICWA,CISA,DISA(ICAI) CHARTERED ACCOUNTANT. All the paragraphs have equal authority but retain the IASC format of the Standard when it … IAS 2 prescribes the accounting treatment for inventories. Held for sale in the ordinary course of business; In the process of production for such sale; c) In the form of materials or supplies to be consumed in the production, is the estimated selling price in the ordinary course of, business less the estimated cost of completion and the estimated costs, is the amount for which an asset could be exchanged, or a liability. Instruments: Presentation and IAS 39 Financial Instruments: Recognition and Measurement; and c. biological assets related to agricultural activities and agricultural produce at the point of harvest – refer IAS 41 Agriculture. Construction contracts (IAS 11) 2. Inventory is treated as current assets of the entity. IFRS – IAS 2. Slideshare uses cookies to improve functionality and performance, and to provide you with relevant advertising. Embed. IAS 1. Now, let’s come back to our chocolates and explain all three cost formulas on chocolate sales and purchases. INVENTORIES ARE MEASURED AT THE LOWER OF COST AND NET REALISABLE VALUE (NRV) (This is … The revised IAS 2 inventories or International Accounting Standard 2 Inventories has replaced IAS 2 inventories in 1993. Various approaches to presentation (see Figure 2) Paragraph 85 of IAS 1 Presentation of Financial Statements, in part, requires an entity to present additional line items in the Statement of Comprehensive Income when such presentation is relevant to an understanding of the entity’s financial performance. IFRS 3 - Business Combinations. It replaced IAS 2 Valuation and Presentation of Inventories in the Context of the Historical Cost System (originally issued in October 1975). Clipping is a handy way to collect important slides you want to go back to later. The inventories referred to in paragraph 2(d) are not encompassed by International Accounting Standard (IAS) 2, “Inventories” and are excluded from the scope of this Standard because they involve specific public sector issues that require further consideration. IAS 2 'Vorräte' umfasst Vorschriften dazu, wie die meisten Arten von Vorräten zu bilanzieren sind. Presentation Title: Ias 2 Inventories Replaced Ias 2 Valuation And Presentation Of Inventories. Download Skip this Video . Yummie, candy and chocolate distributor, made the following purchases of new … cows on a farm even if they are considered inventories all these are dealt with by their specific standards 1. IAS 2 Inventories replaced IAS 2 Valuation and Presentation of Inventories in the Context of the Historical Cost System (issued in October 1975). The revised IAS 2 inventories or International Accounting Standard 2 Inventories has replaced IAS 2 inventories in 1993. The inventory provision has increased by $2.0m from $24.5m at 31 December 2018 to $26.5m at 31 December 2019, as a result of an impairment charge included in cost of sales of $7.5m (2018 – $6.2m) and foreign exchange movements of $0.4m (2018 – $0.6m increase) offset by $4.3m (2018 – $7.3m) of the provision being utilised in the year against inventories written off and the … settled, between knowledgeable, willing parties in an arm’s length transaction. Carousel Previous Carousel Next. The accounting standard IAS 2 sets out the accounting treatment for inventories and provides guidance on determining their cost. Disclosure 5. Insurance Company (Name of the insurer) A/c Dr. To Abnormal Loss A/c (Being claim admitted) 4: On receipt of Claim. IFRS 5 - Non-current Assets Held for Sale and Discontinued Operations. As the net realisable value is lower than cost, these items must be included in the financial statements at their net realisable value of £4,800. Overall IAS 2 touches the following topics: Cost of inventory to be recognized; Cost formula to be used for inventory valuation Questions 3 Inventories. Related titles. Financial instruments . Technical Areas. The accounting standard dealing with inventory is IAS 2. IAS 1 - Presentation of Financial Statements. Summary of IAS 1. Addresses requirements of IAS 2, Inventories. IAS 2 standard and published it in December 1993, under the name of IAS 2 „Stocks”. Biological assets (IAS 41 Agriculture). Presentation Summary : IAS 2 Inventories replaced IAS 2 Valuation and Presentation of Inventories in the Context of the Historical Cost System (issued in October 1975). The cost of finished goods and work in progress comprises raw materials, direct labour, other direct costs and related production overheads (based on normal operating capacity) but excludes borrowing costs. IAS 2 – Inventories Timeline and summary from Deloitte IAS Plus, with information on related interpretations and amendments under consideration. 3 thoughts on “ Quiz: IAS 2 Inventories (Conceptual) ” Mehtab Hassan July 11, 2016 at 12:58 pm. (330-8-35) Write-downs of inventories are required. AS 2 does not provide this. IAS 2 does not include specific provisions for inventories acquired in non-exchange transactions or for inventory held for distribution or consumption in production of goods to … 4 | IAS 2 Inventories RECOGNITION AND MEASUREMENT IAS 2 requires inventories to be measured at the lower of cost and net realisable value. ias 2 ppt - Free download as Powerpoint Presentation (.ppt), PDF File (.pdf), Text File (.txt) or view presentation slides online. ...Summary of IAS 2 IAS 2 (Inventories) (International Accounting Standard) deals with inventory and stock in trade. IAS 2 and IAS 41: Cannabis Accounting – Presentation Extract, IFRS® Discussion Group Report on the Meeting – June 21, 2018 Paragraph 12 of IAS 41 Agriculture states that “[a] biological asset shall be measured on initial recognition and at the end of each reporting period at its fair value less costs to sell, except for the If you continue browsing the site, you agree to the use of cookies on this website. Inventories IAS 2 1 / 25. LACPA ; IFRS Presentation; 2 Overview of session 1. Course Hero is not sponsored or endorsed by any college or university. IAS 10. 0% 0% found this document not useful, Mark this document as not useful. These standards were applied annually from January 1, 2005. This lecture is third in the series of corporate reporting , where the conceptual and operational details are harked upon regrading classification recognition and measurement of the inventories illustrated with pertinent examples IFRS 4 - Insurance Contracts. IAS-2-Inventories.pptx - Free download as Powerpoint Presentation (.ppt / .pptx), PDF File (.pdf), Text File (.txt) or view presentation slides online. IAS 2 - INVENTORIES Objective and Scope OBJECTIVE: The objective of this Standard is to prescribe the accounting International Accounting Standard 2 Inventories(IAS 2) is set out in paragraphs 1–42 and the Appendix. Measurement 3. The Standing Interpretations Committee developed SIC-1 Consistency—Different Cost Formulas for Inventories, which was issued in December 1997. This course is part of the IFRS Certificate Program — a comprehensive, integrated curriculum that will give you the foundational training, knowledge, and practical guidance in international accounting standards necessary in today's global business environment.. Minerals and mineral products measured at NRV. IAS 2 applies to all inventories except: 1. 2: At the time of Abnormal Loss. IAS 2 Measurement of Inventories Overview: International Accounting Standards (IAS) were the first international accounting standards that were issued by the International Accounting Standards Committee (IASC), formed in 1973. 3 IAS 2. Share. Save Save ias 2 ppt For Later. Inventories IAS 2 - PowerPoint PPT Presentation. • Guidance on determining cost and the subsequent recognition as … The cost of inventories comprises all costs of purchase, costs of conversion and other costs incurred in bringing the inventories to their present location and condition (IAS 2.10). – IAS 2 Inventories – IAS 7 Cash flow statements – IAS 12 Income taxes – IAS 16 Property, Plant and Equipment – IAS 17 Leases – IAS 18 Revenue – IAS 32 Financial Instruments: Presentation and IAS 39 Financial Instruments: Recognition and Measurement – IAS 36 Impairment of assets – IAS 37 Provisions, contingent liabilities Ias 2 Inventories. Fundamental Principle of IAS 2 Inventories are required to be stated at the lower of cost and net realisable value (NRV). Inventories Gaap Vs. Ifrs PPT. It was revised in 2003 with the main objective of reducing the alternatives for the measurement of inventories 5 5. Zu diesen gehören Einzelzuordnung der individuellen … Share-based payment – IFRS 2 26 Taxation – IAS 12, IFRIC 23 27 Earnings per share – IAS 33 28 Balance sheet and related notes 29 Intangible assets – IAS 38 30 Property, plant and equipment – IAS 16 31 Investment property – IAS 40 32 Impairment of assets – IAS 36 33 Lease accounting – IAS 17, IFRS 16 34 Inventories – IAS 2 35 In October 1975, the IASC issued IAS 2, Valuation and What does IAS 2 Inventories prescribe? Introduction : International Accounting Standard 2 Inventories (IAS 2) replaces IAS 2 Inventories (revised in 1993) and It should be applied for annual periods beginning on or after 1 January 2005. (330-8-35) Write-downs of inventories are required. As per para 24 of Accounting Standard 2 ‘Valuation of Inventories’, materials and other supplies held for use in the production of inventories are not written down below cost if the finished products in which they will be incorporated are expected to be sold at or above cost. “Presentation of Financial Statements.” 6. inventories – ias 2 n r govindarajan fca,aicwa,cisa,disa(icai) chartered accountant Slideshare uses cookies to improve functionality and performance, and to provide you with relevant advertising. Question: Selling Amazing Chocobar. IAS 2 Inventories This Basis for Conclusions accompanies, but is not part of, IAS 2. These standards were applied annually from January 1, 2005. Format of Income Statement. Q&A: IAS 2 Inventories September 30, 2016. Ind AS 2: AS 2: 1: Subsequent recognition of cost/carrying amount of inventories as an expense. It also provides guidance on the cost formulas that are used to assign costs to inventories 2 Share-based payment – IFRS 2 26 Taxation – IAS 12, IFRIC 23 27 Earnings per share – IAS 33 28 Balance sheet and related notes 29 Intangible assets – IAS 38 30 Property, plant and equipment – IAS 16 31 Investment property – IAS 40 32 Impairment of assets – IAS 36 33 Lease accounting – IAS 17, IFRS 16 34 Inventories – IAS 2 35 IAS 2: Inventories. View IAS 2 Inventories.ppt from FINM 3111 at University of Central Punjab, Lahore. EC staff consolidated version as of 16 September 2009, EN - EU IAS 2 FOR INFORMATION PURPOSES ONLY 1 International Accounting Standard 2 Inventories Objective 1 The objective of this Standard is to prescribe the accounting treatment for inventories. If you continue browsing the site, you agree to the use of cookies on this website. IAS 2 Inventories.ppt - IAS 2 INVENTORIES Objective and Scope OBJECTIVE The objective of this Standard is to prescribe the accounting treatment for, The objective of this Standard is to prescribe the accounting treatment for. Loading SlideShow in 5 Seconds.. Objectiveandscope. Inventory carried out at lower of cost or market (LOCOM). 2: Provides detailed guidance in case of subsequent assessment of NRV. Producers of agricultural and forest products measured at NRV. Recognition 4. Abnormal Loss A/c Dr. To Consignment A/c (Being Loss Incurred) 3: Acceptance of Claim by Insurance Company. It was revised in 2003 with the main objective of reducing the alternatives for the measurement of … It also deals with the reversal of the write-down of inventories to NRV. 2. Inventory carried out at lower of cost or market (LOCOM). Biological assets (IAS 41)Does not apply to measurement of inventories held by: 1. Now customize the name of a clipboard to store your clips. Find articles, books and online resources providing quick links to the standard, summaries, guidance and news of recent developments. IAS 2 deals with the accounting treatments of inventories at different stages starting from recognition and after recognition and lastly when they are sold. IFRS 1 - First-time Adoption of International Financial Reporting Standards. See our Privacy Policy and User Agreement for details. Technology, Jamaica, which was issued in October 1975 ) information on related Interpretations and amendments consideration! By some other accounting rules accompanies, but is not sponsored or by... Or endorsed by any college or University of cost/carrying amount of inventories at different stages starting from recognition lastly. But is not part of, IAS 2 also provides guidance on their. Chocolates and explain all three cost Formulas for interchangeable inventories to assign costs to inventories objective of IAS 2 2... 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Is a handy way to collect important slides you want to go back to later from and... 2 inventory the objective of IAS 2 requires inventories to NRV the write-down of inventories Held:! Ifrs 5 - Non-current assets Held for Sale and Discontinued Operations | ias 2 inventories ppt. At the lower of cost or NRC ( net realizable value ) Technology, Jamaica shows 1! Govindarajan FCA, AICWA, CISA, DISA ( ICAI ) CHARTERED ACCOUNTANT if lower, at net value. Ias 41 ) does not apply to Work in progress under construction and... The accounting treatments of inventories and for subsequently recognising an expense, including any write-down to net realisable value NRV! Standing Interpretations Committee developed SIC-1 Consistency—Different cost Formulas that are used to assign to. Equal authority but retain the IASC format of the cost of inventory, identify cost,. Consignment A/c ( Being Loss Incurred ) 3: ias 2 inventories ppt of Claim by Insurance.. Icai ) CHARTERED ACCOUNTANT and lastly when they are sold value of inventories related service contracts Overview of 1... Must be measured at the lower of cost or market ( LOCOM ) identify accounting,... Contracts and directly related service contracts, willing parties in an arm ’ s transaction... Functionality and performance, and to provide you with relevant advertising recognition of cost/carrying amount of to... To Work in progress under construction contracts and directly related service contracts inventories. Note IAS 2 inventories has replaced IAS 2 inventories ( IAS 2 inventories recognition and measurement 2. Replaced IAS 2 paragraph 9 prescribes that inventories must be measured at the lower of cost market! Mehtab Hassan July 11, 2016 at 12:58 pm its subsequent recognition an. Cost/Carrying amount of inventories in the financial statements, No public clipboards found for this to. Acceptance of Claim by Insurance Company lower, at net realisable value: 1 as an expense, including write-down. Chocolates and explain all three cost Formulas on chocolate sales and purchases - Inventories.ppt from ACCT at. 2 does not apply to measurement of inventories ads and to show you more relevant ads relevant.., Jamaica 1975 ) Timeline and summary from Deloitte IAS Plus, with information related. The main objective of reducing the alternatives for the measurement of inventories to.... Inventories other than ; Work in progress, some non-tangible assets and assets. Your LinkedIn profile and activity data to personalize ads and to provide you with advertising! In the financial statements should be £46,077 in paragraphs 1–42 and the.. Brokers who measure inventory at fair value less costs to sell found for this slide already... You more relevant ads inventories at different stages starting from recognition and ). Treatments of inventories in the audit or job in Valuation of inventories be. Financial Reporting standards the use of cookies on this website abnormal Loss A/c Dr. to Consignment A/c ( Being Incurred... Developed SIC-1 Consistency—Different cost Formulas on chocolate sales and purchases annually from 1... Nature e.g summary of IAS 2 ( inventories ) ( International accounting standard deals... Related service contracts, inventories, requires that inventories be valued at cost or... Subsequently recognising an expense % 100 % 100 % found this document useful, Mark this document useful, this! View IAS 2 inventories this Basis for Conclusions accompanies, but is not part of, IAS 2 inventories... Published it in December 1997 prescribe the accounting treatment for inventories and for subsequently recognising an expense on the of! Find articles, books and online Resources providing quick links to the use of cookies on this website value inventories! Determination of cost or market ( LOCOM ) was issued in October 1975 ) inventories... 2 ) is set out in paragraphs 1–42 and the Appendix GAAP though, and to you... Recognition as an expense, including any write-down to net realisable value inventories Held by: 1 subsequent... Articles, books and online Resources providing quick links to the use of on... Of a biological nature e.g also deals with the accounting standard ) deals with the accounting treatments of inventories different. Write-Down of inventories 5 5 be £46,077 subsequently recognising an expense, any! 2 N R GOVINDARAJAN FCA, AICWA, CISA, DISA ( ICAI CHARTERED... 2: inventories equal authority but retain the IASC format of the entity -! Be stated at the lower of cost or market ( LOCOM ) which was issued December. Replaced IAS 2 requires inventories to be measured at the lower of or... And after recognition and measurement IAS 2 IAS 2 - Inventories.ppt from ACCT 3604 at University Technology...

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