IAS2Inventories.ppt

InternationalAccountingStandards,Review,AboutIAS7,Review,DefinitionCashCashequivalentsOperatingactivitiesInvestingactivitiesFinancingactivitiesPresentationReportingDirectmethodIndirectmethod,IAS2Inventories,ComparedWithCAS1,HistoryofIAS2,1975.10IAS2ValuationandPresentationofInventoriesintheContextoftheHistoricalCostSystem1993.12IAS2InventoriesrevisedaspartoftheComparabilityofFinancialStatementsproject1995.1.1EffectiveDateofIAS2(1993),HistoryofIAS2,2003.12RevisedversionofIAS2issuedbytheIASB2005.1.1EffectivedateofIAS2(Revised2003),ObjectiveofIAS2,Prescribetheaccountingtreatmentforinventoriesdeterminethecostofinventoriesrecognizeanexpenseincludinganywrite-downtonetrealizablevaluecostformulasthatareusedtoassigncoststoinventories,Scope,Thestandardshouldbeappliedtoinventoriesotherthan:workinprogressarisingunderconstructioncontracts(IAS11)financialinstruments(IAS39)biologicalassetsrelatedtoagriculturalactivityandagriculturalproduceafterharvest(IAS41)NoteCAS1排除项目少，未说明金融工具,Definition,Inventoriesareassetsof:heldforsaleintheordinarycourseofbusiness;【e.g】finishedgoodsintheprocessofproductionforsuchsale;or【e.g】goodsinprocessintheformofmaterialsorsuppliestobeconsumedintheproductionprocessorintherenderingofservices.【e.g】rawmaterials,Definition,Netrealizablevaluetheestimatedsellingpriceintheordinarycourseofbusinesslesstheestimatedcostsofcompletionandtheestimatedcostsnecessarytomakethesale.,Recognitionframework,Itisprobablythatthefutureeconomicbenefitswillflowintotheenterprise.Thecostcanbemeasuredwithreliability.,Measurement,CostofInventories,CostofPurchasepurchasepriceimportdutiesandothertaxestransportcost/freightinhandlingcostothercostsdirectlyattributabletotheacquisitionoffinishedgoods,materialsandservicesNote:CAS1取消了商业企业的特殊规定（歪曲成本，理论上不易理解,CostofInventories,CostofPurchaseTradediscountsIAS2:netpricemethodCAS1:grosspricemethod,CostofInventories,CostofconversionRawmaterialsDirectlaborManufacturingoverhead,CostofInventories,OthercostsOthercostsareincludedinthecostofinventoriesonlytotheextentthattheyareincurredinbringingtheinventoriestotheirpresentlocationandcondition.Inlimitedcircumstances,borrowingcostsareincludedinthecostofinventories.,CostofInventories,Inventorycostshouldnotinclude:abnormalwastestoragecostsadministrativeoverheadsunrelatedtoproductionsellingcostsinterestcostwheninventoriesarepurchasedwithdeferredsettlementterms(延期结算条款）.,CostFlowAssumptions,First-in,First-out(FIFO)SpecificIdentificationWeightedAverageMethodMovingaveragemethodLast-in,First-out(LIFO)IAS2：已禁止CAS1：取消（多数情况下成本流与实物流不符）,GiventhefollowinginformationforGladeCompany,Valuation,Write-downtoNRVRecognizeasanexpense,Disclosure,accountingpolicyforinventories.carryingamount,generallyclassifiedasmerchandise,supplies,materials,workinprogress,andfinishedgoods.carryingamountofanyinventoriescarriedatfairvaluelesscoststosell.,Disclosure,amountofanywrite-downofinventoriesrecognizedasanexpenseintheperiod.amountofanyreversalofawrite-downtoNRVandthecircumstancesthatledtosuchreversal.carryingamountofinventoriespledgedassecurityforliabilities(为负债做担保).costofinventoriesrecognizedasexpense(costofgoodssold).,ExampleforDisclosure,InventoriesInventoriesarestatedatthelowerofcostandnetrealizablevalue.Costcomprisesdirectmaterialsand,whereapplicable,directlabourcostsandthoseoverheadsthathavebeenincurredinbringingtheinventoriestotheirpresentlocationandcondition.Costiscalculatedusingtheweightedaveragemethod.Netrealizablevaluerepresentstheestimatedsellingpricelessallestimatedcostsofcompletionandcoststobeincurredinmarketing,sellinganddistribution.,Question,ThefollowinginformationappliestotheGradyCompanyforthecurrentyear:Purchasesofmerchandiseforresale$300000Merchandisereturnedtovendor$3000Interestonnotespayable$6000Freight-inonmerchandise$7500Gradysinventorycostfortheyearwouldbe:a.$297000b.$300000c.$304500d.$316500,Question,SlingshotCorporationpurchasedininventoryonJan.1,2001,for$600000.OnDec.31,2001,theinventoryhadanNRVof$550000.During2002,Slingshotsoldtheinventoryfor$620000.Basedontheabove,whichofthefollowingstatementsistrue?a.TheDec31,2001,balancesheetreportedtheinventoryat$600000.b.TheDec31,2001,balancesheetreportedtheinventoryat$620000.c.Whentheinventorywassoldin2002,Slingshotreporteda$20000gainonitsincomestatement.d.FortheyearendingDec31,2001,Slingshotrecognizeda$50000lossonitsincomestatement.,Q1:TheperpetualinventoryrecordsoftheParkCompanyindicatethefollowingtransactionsinthemonthofJune:UnitsCost/UnitInventor,June1200$3.20PurchaseJune3200$3.50June17250$3.60June24300