ACCA/CAT

本文主要介绍ACCA考试《F3财务会计》辅导资料。希望本文能够帮助您更好的全面了解2012年ACCA考试的相关重点!!

6.4 IAS 2 - Valuation of inventory:

IAS 2 Inventories states that Inventories should be valued at the lower of historical cost and net realizable value.This is in conformity with the prudence concept.

IAS 2 provides rules on valuation of inventory as well as disclosure requirements.

● Inventories are assets

- held for sale in the ordinary course of business, i.e.finished goods

- asset in the production process for sale in the ordinary course of business, i.e.work in process

- materials and supplies that are consumed in production, i.e.raw materials

● Cost should be unit cost (if identifiable), FIFO or AVCO.

● Inventories and work-in-progress should be sub-classified in the notes to the

financial statements in an appropriate manner; The accounting policies used to value inventory should be disclosed.

● Cost includes

- costs of purchase

- costs of conversion and

- other costs incurred in bringing the inventory to its present location and condition.

Cost of purchase:

Material costs

Import duties (tax)

Freight

Handling

(Less rebates/net of trade discounts)

Cost of conversion:

Direct costs (direct labour, direct material)

Production overheads(fixed and variable manufacturing overhead)

● Costs excludes

- selling costs

- storage costs

- abnormal waste of materials, labour or other costs

- administrative overheads

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