IFRS: Inventory (IAS 2)

Overview

This course is part of the IFRS Certificate Program - a comprehensive, integrated curriculum that will give you the foundational training, knowledge, and practical guidance in international accounting standards necessary in today's global business environment.

This self-study course addresses requirements of IAS 2, Inventories, including the following

• Definition of inventory, including assets excluded from the scope of the definition
• Measurement methods
• Write-downs to net realizable value
• Cost formulas used to assign inventory value

This course includes interactive learning elements, video content, and real-life application through case studies.

Note: Individual courses purchased within the last year can be applied toward the purchase of the IFRS Certificate Program. Find out more.

Prerequisites

Familiarity with financial reporting and accounting principles under IFRS

Objectives

Learning Outcomes

• Recall how the initial measurement of inventory is determined.
• Identify the cost formulas that are permitted by IAS 2, Inventories.
• Recall how to calculate the appropriate carrying amount of inventory at the reporting date.