Inventories include assets held for sale in the ordinary course of business (finished goods), assets in the production process for sale in the ordinary course of business (work in process), and materials and supplies that are consumed in production (raw materials). .................
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Definition Of inventory:
Stocks of goods held by businesses for further processing or for sale.
Objective:
The objective of this Standard is to prescribe the accounting treatment for
inventories. A primary issue in accounting for inventories is the amount of cost to be
recognized as an asset and carried forward until the related revenues are
recognized. This Standard provides guidance on the determination of cost and its
subsequent recognition as an expense, including any write-down to net realizable
value. It also provides guidance on the cost formulas that are used to assign costs
to inventories.
Scope:
This Standard applies to all inventories, except: (a) work in progress
Arising under construction contracts, including directly related service);(b) financial instruments
Inventories are assets that are:
Held for sale in the 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.
Net realizable value (NRV) is:
Estimated selling price in the ordinary course of business
Less estimated cost of completion
Less estimated cost to sell
Fair value is:
The amount for which an asset could be exchanged, or a liability settled,
Between knowledgeable willing parties, in an arm’s length transaction.
If the entity runs a retail business, then the inventory is generally called merchandise. A manufacturing business will generally call its inventory finished goods, work in process and raw materials. Inventory movement may be recognized either by using perpetual or periodic system. Both of them are allowed treatments by IAS 2 (Inventories).
Recording Inventory Movements: Periodic v/s Perpetual System
To compute cost of sales in periodic system purchases are recorded in the purchase account. Opening balance of inventory is added to that amount and an inventory count is performed at year end. This inventory count gives an amount of closing inventory. This closing inventory is reduced from accumulated balance of opening inventory and purchases during the year to compute stock in trade. However, in periodic system, accountant does not have any idea about stock in trade so it is difficult, almost impossible to detect stock theft when using periodic system.
In perpetual system accountant updates the balance of closing inventory after every transaction involving inventory. It means after every purchase and sales accountant get to know about the inventory balance. So at year end, accountant will not only have accurate information about stock in trade but he will also be able to detect any theft. Closing balance in the books of account shows the closing inventory that should be there in the godowns of the company. Any difference between these amounts is obviously due to theft.
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Inventories are assets that are:
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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.
Net realizable value (NRV) is:
Estimated selling price in the ordinary course of business
Less estimated cost of completion
Less estimated cost to sell
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