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1、IAS2InventoriesIAS2InventoriesReviewAbout IAS 7ReviewDefinitionCashCash equivalentsOperating activitiesInvesting activitiesFinancing activitiesPresentationReportingDirect methodIndirect methodIAS2InventoriesCompared With CAS 1HistoryofIAS21975.10IAS 2 Valuation and Presentation of Inventories in the
2、 Context of the Historical Cost System1993.12IAS 2 Inventories revised as part of the Comparability of Financial Statements project 1995.1.1Effective Date of IAS 2 (1993) HistoryofIAS22003.12Revised version of IAS 2 issued by the IASB 2005.1.1Effective date of IAS 2 (Revised 2003)ObjectiveofIAS2Pres
3、cribe the accounting treatment for inventoriesdetermine the cost of inventories recognize an expenseincluding any write-down to net realizable valuecost formulas that are used to assign costs to inventoriesScopeThestandardshouldbeappliedtoinventoriesother than:work in progressarisingunderconstructio
4、ncontracts(IAS11)financial instruments(IAS39)biological assetsrelatedtoagriculturalactivityandagricultural produceafterharvest(IAS41)NoteCAS 1 CAS 1 排除项目少，未说明金融工具排除项目少，未说明金融工具DefinitionInventoriesareassetsof:held for saleintheordinarycourseofbusiness;【e.g】finishedgoodsin the process of productionfor
5、suchsale;or【e.g】goodsinprocessintheformofmaterials or suppliestobeconsumedintheproductionprocessorintherenderingofservices.【e.g】rawmaterialsDefinitionNetrealizablevaluetheestimated selling priceintheordinarycourseofbusinesslesstheestimated costs of completionandtheestimated costs necessarytomakethes
6、ale.RecognitionframeworkItisprobablythatthefutureeconomicbenefitswillflowintotheenterprise.Thecostcanbemeasuredwithreliability.MeasurementCostofInventoriesCostofPurchasepurchasepriceimportdutiesandothertaxestransportcost/freightinhandlingcostothercostsdirectlyattributabletotheacquisitionoffinishedgo
7、ods,materialsandservicesNote:CAS1 CAS1 取消了商业企业的特殊规定（歪取消了商业企业的特殊规定（歪曲成本，理论上不易理解曲成本，理论上不易理解CostofInventoriesCostofPurchaseTradediscountsTradediscountsIAS2:netpricemethodIAS2:netpricemethodCAS1:grosspricemethodCAS1:grosspricemethodCostofInventoriesCostofconversionRawmaterialsDirectlaborManufacturingove
8、rheadCostofInventoriesOthercostsOthercostsareincludedinthecostofinventoriesonlytotheextentthattheyareincurredinbringingtheinventoriestotheirpresentlocationandcondition.Inlimitedcircumstances,borrowingcostsareincludedinthecostofinventories.CostofInventoriesInventory cost should not include: abnormal
9、waste storage costs administrative overheads unrelated to production selling costs interest cost when inventories are purchased with deferred settlement terms(延期结算条款延期结算条款）. CostFlowAssumptionsFirst-in,First-out(FIFO)SpecificIdentificationWeightedAverageMethodMovingaveragemethodLast-in,First-out(LIF
10、O)IAS2：已禁止已禁止CAS1：取消（多数情况下成本流与实物流取消（多数情况下成本流与实物流不符）不符）GiventhefollowinginformationforGladeCompanyJan.1BeginningInventory18units$4eachPurchasesJan.712units$5eachJan.1710units$6eachSalesJan.1014unitsJan.194unitsValuationWrite-downtoNRVRecognizeasanexpenseDisclosureaccounting policy for inventories. ca
11、rrying amount, generally classified as merchandise, supplies, materials, work in progress, and finished goods. carrying amount of any inventories carried at fair value less costs to sell. Disclosureamount of any write-down of inventories recognized as an expense in the period. amount of any reversal
12、 of a write-down to NRV and the circumstances that led to such reversal. carrying amount of inventories pledged as security for liabilities( (为负债做担保为负债做担保) ). cost of inventories recognized as expense (cost of goods sold). ExampleforDisclosureInventoriesInventories are stated at the lower of cost an
13、d net realizable value. Cost comprises direct materials and, where applicable, direct labour costs and those overheads that have been incurred in bringing the inventories to their present location and condition. Cost is calculated using the weighted average method. Net realizable value represents th
14、e estimated selling price less all estimated costs of completion and costs to be incurred in marketing,selling and distribution.QuestionThefollowinginformationappliestotheGradyCompanyforthecurrentyear:Purchasesofmerchandiseforresale$300000Merchandisereturnedtovendor$3000Interestonnotespayable$6000Fr
15、eight-inonmerchandise$7500Gradysinventorycostfortheyearwouldbe:a.$297000b.$300000c.$304500d.$316500QuestionSlingshotCorporationpurchasedininventoryonJan.1,2001,for$600000.OnDec.31,2001,theinventoryhadanNRVof$550000.During2002,Slingshotsoldtheinventoryfor$620000.Basedontheabove,whichofthefollowingsta
16、tementsistrue?a.TheDec31,2001,balancesheetreportedtheinventoryat$600000.b.TheDec31,2001,balancesheetreportedtheinventoryat$620000.c.Whentheinventorywassoldin2002,Slingshotreporteda$20000gainonitsincomestatement.d.FortheyearendingDec31,2001,Slingshotrecognizeda$50000lossonitsincomestatement.Q1: The p
17、erpetual inventory records of the Park Company indicate the following transactions in the month of June: Units Cost/UnitInventor, June 1 200 $3.20Purchase June 3 200 $3.50 June 17 250 $3.60 June 24 300 $3.65Sales June 6 300 June 21 200 June 27 150Requirement: Compute the cost of goods sold for June
18、and the inventory at the end of June using the cost flow assumptionFIFO.Q2: Price the following inventories at the year endNote: M.Material P.Production S.SemiprocuctInv.HoldingPurpose of M.Cost of M.Working costSelling price of M./TaxNRV of M.Cost of P.Selling price under contractPreview selling price of P./TaxNPV of P.Price at the year endM -AP. A20101935/3M-BP. B40163660/6M-CDispose1013/1P-DContract485248/5S-EContract4055046/2S-E40546/2THE ENDTHE END再再 见见结束结束
