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Course Details

IFRS Learning Module 4: Inventories (Course Id 365)

Updated / QAS / Registry   Add to Cart 
Author : Michael J Walker, CPA
Status : Production
CPE Credits : 4.0
IRS Credits : 0
Price : $39.95
Passing Score : 70%
Primary Subject-Field Of Study:

Accounting - Accounting and Auditing for Course Id 365

Description :

IFRS Learning Modules are a series of courses that provide in-depth overviews of various topics related to International Financial Reporting Standards (IFRS). IFRS represents the global accounting principles that provide the foundation for most of the worlds financial reporting. These Standards establish the recognition, measurement, presentation and disclosure requirements for transactions and events reflected in IFRS financial statements.

The growing acceptance of IFRS as a basis for U.S. financial reporting represents a fundamental change for the U.S. accounting profession. The International Accounting Standards Board (IASB) and their U.S. equivalent (the FASB) have made commitments towards the convergence of U.S. GAAP and IFRS and are working to eliminate as many differences between the two Standards as possible. In addition, the Securities and Exchange Commission has endorsed the outright adoption of IFRS in the United States. Therefore it is clear that IFRS represents the future of financial accounting and reporting in the United States.

Module 4 of the IFRS Learning Module series presents an overview of IAS 2 Inventories, the accounting standard for classifying and measuring inventories in IFRS financial statements. This module also discusses the IASBs and FASBs efforts towards achieving convergence in this area of financial reporting.

Usage Rank : 0
Release : 2016
Version : 1.0
Prerequisites : None.
Experience Level : Overview
Additional Contents : Complete, no additional material needed.
Additional Links :
Advance Preparation : None.
Delivery Method : Self-Study.
Intended Participants : Anyone needing Continuing Professional Education (CPE).
Revision Date : 09-Sep-2016
NASBA Course Declaration : Participants must complete the final examination within one year of purchase and with a minimum passing grade of 70% or better to receive CPE credit unless otherwise noted on the Course History page (i.e. California Ethics must score 90% or better). After logging in click on the Course History links on your My Courses page for the Begin date and Expire date for the Final Exam.
Approved Audience :

NASBA QAS - NASBA Registry - 365

Keywords : Accounting, IFRS, Learning, Module, 4, Inventories, cpe, cpa, online course
Learning Objectives :

Module Learning Objectives

After studying this module participants should be able to:
    Identify major classifications of inventory.
    Distinguish between perpetual and periodic inventory systems.
    Describe the items to include as inventory cost.
    Describe and compare the formulas used to measure inventories in IFRS financial statements.
    Explain when reporting entities measure inventories at net realizable value in IFRS financial statements.
Course Contents :

Module 4:  Inventories

1.0   Introduction to IAS 2

1.1   Objective

1.2   Scope

2.0   Inventory Classifications

2.1   Raw materials inventory

2.2   Work in process inventory

2.3   Finished goods inventory

3.0   Inventory Systems

3.1   Perpetual inventory system

3.2   Periodic inventory system

4.0   Measurement of Inventories (Part 1)

4.1   Items included in inventory

4.2   Costs includes in inventory

5.0   Measurement of Inventories (Part 2)

5.1   Introduction to inventory cost formulas

5.2   Specific identification formula

5.3   Average cost formula

5.4   First-in, first-out (FIFO) formula

6.0   Measurement of Inventories (Part 3)

6.1   Net realizable value

6.2   Inventory write-downs

7.0   Disclosures

8.0   IFRS & U.S. GAAP Convergence

8.1   Key differences between IFRS and U.S. GAAP Inventories

8.2   Last-in, first-out (LIFO) cost formula

9.0   Module Summary



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