IAS 2 — Inventories
Modules of the standard
- Concepts16 publishedNormative and pedagogical mapping.
- Questions168 publishedTrue/false, quizzes, calculations, entries, mini-cases, judgment.
- Practical cases5 publishedProgressive cases, from beginner to expert.
- Workpapers6 publishedWorking papers with calculations and entries.
- Professional file1 publishedSimulation of a full engagement.
- Exams2 publishedSealed, versioned final exams.
- Explanations (lessons)10 publishedLesson explanations, chapter by chapter.
Practical cases
- Trading company: cost of purchase of an imported lot, FIFO and weighted average costL1Beginner
- Manufacturing workshop: production cost, normal capacity and excluded costsL2Intermediate
- Joint production and retail: by-product and retail methodL3Advanced
- Closing: net realisable value, firm contract, materials and reversalL3Advanced
- Group inventory review: scope, cost formulas, transfer to property, plant and equipment and disclosuresL4Expert
- Professional file: inventory closing of a manufacturer-distributor of apple productsL4Expert
Workpapers
Concepts by topic
Mapping texts (concept labels, objectives, paragraph summaries) are available in French only for now.
Objective and scope
- Objective of the standardImportant8 questions
- Scope and measurement exclusionsCore12 questions
Definitions
- Inventories, net realisable value and fair valueCore13 questions
Measurement principle
- Lower of cost and net realisable valueCore12 questions
Cost of inventories
- Costs of purchaseCore12 questions
- Costs of conversion and allocation of production overheadsCore13 questions
- Other and excluded costs, borrowing costs, deferred settlementCore14 questions
- Agricultural produce harvested from biological assetsSpecialised3 questions
- Standard cost and retail methodsImportant8 questions
Cost formulas
- Specific identification of costsImportant8 questions
- FIFO and weighted average cost formulasCore12 questions
Net realisable value
- Write-down to net realisable valueCore13 questions
- Firm sales contracts and materials held for productionImportant8 questions
- Reassessment and reversal of write-downsCore12 questions
Recognition as an expense
- Recognition of inventories as an expenseCore12 questions
Disclosure
- DisclosuresImportant8 questions