CPD Course: IAS 2 Inventories

IAS 2 Inventory

Inventory can make up a huge proportion of an organisation’s current assets, which means any errors in the inventory valuation can have a material impact on the reported profit. Therefore, it’s vital that inventory is accounted for correctly in the financial statements. IAS 2, the international accounting standard for inventory valuation, sets out all of the rules for how this should be done.  

In this course, we’ll provide you with the necessary knowledge and skills to comply with IAS 2. We’ll take you step-by-step through how to measure and record the value of an organisation’s inventory properly, providing you with skills and knowledge that are sought-after in the accountancy world.

Provides 4 hours of CPD

What you’ll learn:

  • Definition of inventory according to IAS 2 so that you can correctly identify which assets should be included in inventory valuation 
  • Two key methods for valuing inventory under IAS 2: at cost and net realisable value, and how to determine the correct one to use in any given situation 
  • First-In, First-Out (FIFO) method for calculating the cost of goods sold – the only accepted method under IAS 2 
  • Last-in, First-Out (LIFO) method for calculating the cost of goods sold which can be used to lower the corporate tax liability in countries that haven’t adopted IFRS
  • Average-Cost (AVCO) method for calculating the cost of goods sold – a cheap and simple method if there is a large volume of indistinguishable products to value and the organisation isn’t subject to IFRS 
  • Costs that need to be included in the inventory valuation and those that should be treated as expenses in order to calculate the full cost of inventory accurately
  • Disclosures that are required in the financial statements to comply with IAS 2 
Applying what you learn:
The course also offers a range of practice questions that you can use to consolidate your learning and test your knowledge. You should come away from this course feeling confident that you can correctly account for an organisation’s inventory, in-line with IAS 2.  

What’s included in the course?

Videos

  • Thoroughly explores the concepts, theories and models for this topic
  • The content is professionally explained by our expert tutors alongside a visual presentation
  • Come with downloadable audio files so you can listen to the content offline and on the go

Handbooks

  • Full coverage of the video content using engaging and easy-to-follow language
  • A range of examples to show you how these concepts might apply to real-life situations, e.g. in finance
  • A practical exercise for each module based on the subject’s application in a finance team
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Practice questions

  • A series of questions designed to test your understanding of what you’ve learnt on the course
  • Designed to get you to apply what you’ve learned to scenarios and commit the theory to memory

Presentation slides

  • The visual presentation from the video can be accessed for note-taking and for browsing alongside the video or audio download
  • Can be viewed as still slides or in an interactive format to move around the screen

Purchasing the course

To purchase this course, simply add the course to your basket with the button below and then either proceed to checkout or continue browsing for more CPD courses…

Astranti CPD Course:
IAS 2 Inventory

£89.00

What our satisfied customers say…

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Excellent materials and lots of support when needed.

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Astranti customer, 2021

I used Astranti materials and I can honestly say they are an excellent course provider. The materials are expertly delivered, easy to follow and very motivating. Highly recommended.

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