Mastering Ias 2 Inventories
 

Understand the definition and classification of inventories under IAS 2.
Calculate the cost of inventories including purchase price, conversion costs, and overheads.
Apply cost formulas like FIFO and Weighted Average for inventory valuation.
Measure inventories at the lower of cost and NRV and handle write-downs and reversals effectively.
Recognize and record inventory transactions in financial statements with proper journal entries.
Prepare and interpret disclosures related to inventories in compliance with IAS 2.
Requirements
Basic accounting knowledge (e.g., debits, credits, and financial statements).
Familiarity with financial reporting principles is helpful but not mandatory.
A calculator and basic spreadsheet skills for practice exercises are recommended.
Description
Inventories are at the heart of every business, from manufacturing plants to supermarkets and online stores. Accounting for inventories accurately is crucial for proper financial reporting, decision-making, and compliance with international accounting standards.This comprehensive course on IAS 2 - Inventories is designed to help you master the principles and practical applications of inventory accounting under IFRS. Whether you are a finance professional, accountant, student, or business owner, this course equips you with the knowledge and tools to handle inventories confidently.We begin with the definition and classification of inventories, followed by measurement techniques and valuation methods such as FIFO (First In, First Out) and the weighted average method. We then tackle cost formulas and the Net Realizable Value (NRV) principle to ensure inventories are reported accurately. The course also covers write-downs, reversals, and accounting treatments, using step-by-step journal entries and practical examples.By the end of this course, you will:1) Understand inventory types-raw materials, WIP, and finished goods.2) Calculate inventory costs, including purchase, conversion, and overhead allocations.3) Apply cost formulas like FIFO and weighted average in real-world scenarios.4) Measure inventories at the lower of cost and NRV and handle write-downs and reversals effectively.5) Prepare and analyze inventory disclosures in financial statements.With practical case studies, interactive explanations, and exam-style questions, this course is ideal for ACCA and CA students as well as professionals looking to sharpen their inventory accounting skills.Enroll today and master IAS 2 to excel in financial reporting and inventory management!
Overview
Section 1: IAS 2 - Inventories
Lecture 1 What are Inventories?
Lecture 2 Measurement and Cost of Inventories
Lecture 3 Illustration - Cost of Inventory
Lecture 4 Measurement Techniques and Cost Formulas
Lecture 5 NRV and Accounting for Inventories
Accounting and finance students preparing for exams like ACCA, CA, and CPA.,Auditors and accountants looking to strengthen their expertise in inventory accounting.,Business owners and managers who need to understand inventory valuation and reporting.,Finance professionals working with inventory-intensive businesses such as retail, manufacturing, and distribution.
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