AASB 102 Inventories sets out the key principles for recognising and measuring inventories.
While inventories is not usually a material item for entities whose business model is primarily for the provision of services, it is often a significant item in the financial statements of manufacturers, wholesalers and retailers.
The common errors fall into three main categories:
• Accounting for items as inventories under AASB 102 when the item is not inventory,
• Valuing inventory incorrectly when the valuation of inventories is driven by the requirements of Australian Accounting Standards other than AASB 102, and
• Valuing inventory incorrectly when applying the valuation requirements contained in AASB 102.
This session will equip you with the knowledge to avoid these.
Webinar Learning Outcomes:
At the end of this webinar, attendees will be able to:
• Explain the measurement of inventories
• Explain the determination of the cost of inventories
• Explain and apply various cost formulas
• Explain net realisable value
• Explain when inventories are recognised as an expense
• Explain the presentation and disclosure of inventories
Preparers and auditors of financial reports.
Aletta Boshoff is an IFRS advisory specialist with over 25 years’ experience in financial reporting and accounting, including IFRS. Aletta prides herself on her technical excellence, approachability, and the ability to solve problems practically. Aletta loves accounting and accounting standards, but she is also of the view that it's only when you try and apply that knowledge that you are really challenged and that it is only then that you fully appreciate the nuances of IFRS.
In particular, Aletta takes great pride in her ability to apply a wealth of technical expertise to real-world business situations. She works hard to ensure she is working with her clients, involving them at every step of the journey. She helps them to understand how she came to a recommendation, so that they can test any assumptions she has made and together they can come to the best IFRS solution possible.
Your webinar purchase includes:
• the PowerPoint slide deck as a PDF workbook
• any supporting documentation required
• access to stream the Webinar Recording multiple times
• an opportunity to ask questions.
AASB 102 isn’t complicated but are you making one of these simple slipups when accounting for inventories?