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Choose A Current International Accounting Standard (Ias) Or International Financial Reporting Standard (Ifrs). Briefly Summarise Its Provisions And Assess Whether The Standard Can Be Considered To Be ‘Principles-Based’ Or ‘Rules-Based’, E...

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Issue:

Business

 

Written by:

Richard L

 

Date added:

January 17, 2016

 

Level:

University

 

Grade:

A

 

No of pages / words:

4 / 1110

 

Was viewed:

2678 times

 

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Essay content:

It provides guidance not only for determining the cost of inventories and for subsequently recognising an expense, involving any write-down to net realisable value, but also on the cost formulas that are used to assign costs to inventories. The definition of Inventories in IAS 2 includes work in process (assets in the production process for sale in the ordinary course of business), finished goods (assets held for sale in the ordinary course of business) and raw materials (materials and supplies that are consumed in production)...
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[IAS 2.6] As the fundamental Principle of IAS 2, Inventories should be measured at the lower of cost and net realisable value (which is the estimated selling price in the ordinary course of business less the estimated costs of completion and the estimated costs necessary to make the sale). [IAS 2.9] The measurement of cost of inventories shall comprise all costs of purchase (including taxes, transport, and handling), costs of conversion (including fixed and variable manufacturing overheads) and other costs incurred in bringing the inventories to their present location and condition...
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General issues of this essay:
An Interface Between Financial Accounting And Cost & Management Accounting And Some Concepts Of Strategic Cost Management Choose A Current International Accounting Standard (Ias) Or International Financial Reporting Standard (Ifrs). Briefly Summarise Its Provisions And Assess Whether The Standard Can Be Considered To Be ‘Principles-Based’ Or ‘Rules-Based’, E... Critically Assess The Proposals To Introduce A Specialised Ifrs For Smes And Briefly Outline The Problems That Still Have To Be Resolved Before A Final Standard Is Published Later This Year. How would International Financial Reporting Standards affect the quality of Canadian accounting information? International Financial Reporting Standards Principles-Based Accounting And Rules-Based Accounting Standard Costing Procedure And Cost Variance Analysis Of Glaxosmithkline Bangladesh Ltd The theries we use to help us understand standard setting in national arenas don't work so well at the international level where the international accounting starndards board is taking a lead role. We will have to modify them or expand our theoret... Transfer pricing--market-based vs. cost-based Weighted Average Cost Of Capital Weighted Average Cost of Capital Weighted Average Cost of Capital Weighted Average Cost of Capital Advantages and Disadvantages of Principles-Based Accounting Standard Soap Company Cost Accounting
 

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