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CPE Self-Study

IFRS: Inventories (IAS 2)

Publisher: AICPA
  • $50.00-$70.00
    IFRS: Inventories (IAS 2) Online Access Product #: 159720
    AICPA Member: $50.00
    Non-Member: $70.00

AICPA's IFRS Certificate Program

This course is part of the IFRS Certificate Program – a comprehensive, integrated curriculum that will give you the basic training, knowledge, and practical guidance in international accounting standards that are necessary in today's global business environment. Credit for individual courses purchased can be applied to the full program. Click here for information on the complete program.

The purpose of this course is to familiarize you with the measurement of inventories, including any write-down to net realizable value. It also covers the cost formulas that may be used to assign costs to inventories.

Learning Objectives

Upon completion of this course, you will be able to:

  • Determine the initial measurement of inventory assets
  • Understand the cost formulas that are permitted by IAS 2, Inventories
  • Calculate the appropriate carrying amount of inventory at the reporting date
  • Test inventories for impairment by applying the lower of cost or net realizable value calculation to ending inventory
  • Determine the appropriate measurement of cost of sales for a reporting period

Prerequisite: None

Advance Preparation: None

System Requirements

About the Publisher

AICPA

About the AICPA The American Institute of CPAs is the world’s largest member association representing the accounting profession, with more than 412,000 members in 144 countries, and a history of serving the public interest since 1887. AICPA members represent many areas of practice, including business and industry, public practice, government, education and consulting. The AICPA sets ethical standards for the profession and U.S. auditing standards for private companies, nonprofit organizations, federal, state and local governments. It develops and grades the Uniform CPA Examination, and offers specialty credentials for CPAs who concentrate on personal financial planning; forensic accounting; business valuation; and information management and technology assurance. Through a joint venture with the Chartered Institute of Management Accountants, it has established the Chartered Global Management Accountant designation, which sets a new standard for global recognition of management accounting.