Summary of ias 2, Auditing

Assignment Help:

Summary of IAS 2

Inventories are measured at the lower of cost and net realizable value. Entire realizable price is the calculated selling price in the regular course of business less the estimated price of completion and the estimated price essential to make the sale.

Cost includes all costs of purchase, prices of conversion and another costs incurred in starting the inventories to their present position and condition. The cost of inventories, another than those for that particular identification of costs are suitable, is assigned through requiring the first-in than first-out (FIFO) or weighted average price formula.

Whenever inventories are sold, the carrying amount of those inventories is identified as an expense in the same period as the revenue. The amount of any write-down of inventories to net realizable value is identified as an expense in the duration the loss occurs or write-down. The total amount of several reversal of a write-down of inventories is identified as a reduction in the amount about the inventories identified as an expense in the period whether the reversal happens.


Related Discussions:- Summary of ias 2

AGENCY THEORY, The agency relationship between absentee owners and managers...

The agency relationship between absentee owners and managers produce a natural conflict of interest.what does it mean?

Joint auditor, advantage and disadvantage of joint auditor?

advantage and disadvantage of joint auditor?

Verification, discuss the verification procedure of current assets and long...

discuss the verification procedure of current assets and long term liabilties

Evaluation, Evaluation and Disposition of Misstatements, and the Effect on ...

Evaluation and Disposition of Misstatements, and the Effect on the Auditor’s Report: Whenever the auditor verifies that, or is not capable to conclude whether, the financial stat

Acounting information systems, discuss the 4 stages of data processing in a...

discuss the 4 stages of data processing in an accounting information system

Briefly explain different types of audit, Government has recently set up a ...

Government has recently set up a parastatal body responsible for waste management in Mauritius. The management is unsure as to the need for an audit and the setting up of an intern

Audit approach, Audit Approach The auditor: 1) Must get the coopera...

Audit Approach The auditor: 1) Must get the cooperation of the client, as simply the client can authorise third parties that communicate along with the auditor. 2) Choos

Please assist me with this internet research, Please assist me with this in...

Please assist me with this internet research, Search the internet (e.g. a company's website or sec.gov and find an audit report for a company's audit of internal control over fi

Ias 40 investment properties, IAS 40 Investment Properties Audit work ...

IAS 40 Investment Properties Audit work common to all kinds of land and building will be used to establish ownership, existence and price. IAS 40 requires such companies may a

Auditor''s duties - audit of current assets, Auditor's Duties - Audit of Cu...

Auditor's Duties - Audit of Current Assets The auditor's duties can be summarized as follows: a) The accounting ascertaining policies adopted through the entity for pri

Write Your Message!

Captcha
Free Assignment Quote

Assured A++ Grade

Get guaranteed satisfaction & time on delivery in every assignment order you paid with us! We ensure premium quality solution document along with free turntin report!

All rights reserved! Copyrights ©2019-2020 ExpertsMind IT Educational Pvt Ltd