IFRS In-Depth: Inventories FLEXCAST

Overview

The growing acceptance of IFRS as a basis for U.S. financial reporting represents a fundamental change for the U.S. accounting profession. The IASB and the FASB have committed to 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. This course presents an overview of IAS 2 Inventories, the accounting standard for classifying and measuring inventories in IFRS financial statements. This module also discusses the IASB’s and FASB’s efforts towards achieving convergence in this area of financial reporting.

Highlights

Inventory classifications. Inventory systems. Inventory measurements. IFRS and U.S. GAAP convergence.

Prerequisites

None.

Designed For

CPAs, CFOs, controllers, financial professionals, and auditors.

Objectives

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.

Preparation

None.

Notice

This is a FlexCast (no exam required) and may be viewed only Monday - Saturday, 5am - 5pm PT. You may take up to one year from the date of purchase to complete the course. Pause your FlexCast and resume at a convenient day during the hours above. Partial credit for 2+ credit courses: If you are unable to complete the course in one sitting, partial credit can be awarded (minimum of one credit). To earn the remaining credits, you must return later and start the course from the beginning. Use chat to ask questions of a subject matter expert during the program.