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IFRS Learning Module 4: Inventories - 4 CPE Credit Hours

IFRS Learning Module 4: Inventories - 4 CPE Credit Hours

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Title: IFRS Credit Module 4: Inventories

Credit Hours: 4 hours

Field of Study: Accounting (100%)

Prerequisites: None  

Level: Overview

 

Introduction

IFRS Learning Modules are a series of courses that provide in-depth overviews of various topics related to International Financial Reporting Standards (“IFRS”). IFRS represents the global accounting principles that provide the foundation for most of the world’s financial reporting. These Standards establish the recognition, measurement, presentation and disclosure requirements for transactions and events reflected in IFRS financial statements.

The growing acceptance of IFRS as a basis for U.S. financial reporting represents a fundamental change for the U.S. accounting profession. The International Accounting Standards Board (IASB) and their U.S. equivalent (the FASB) have made commitments towards the convergence of U.S. GAAP and IFRS and are working to eliminate as many differences between the two Standards as possible. In addition, the Securities and Exchange Commission has endorsed the outright adoption of IFRS in the United States. Therefore it is clear that IFRS represents the future of financial accounting and reporting in the United States.

Module 4 of the IFRS Learning Module series presents an overview of IAS 2 Inventories, the accounting standard for classifying and measuring inventories in IFRS financial statements. This module also discusses the IASB’s and FASB’s efforts towards achieving convergence in this area of financial reporting.

Learning Objectives

After completing this course, participants should be able to:

  • Identify major classifications of inventory.
  • Distinguish between perpetual and periodic inventory systems.
  • Describe the items to include as inventory cost.
  • Describe and compare the formulas used to measure inventories in IFRS financial statements.
  • Explain when reporting entities measure inventories at net realizable value in IFRS financial statements.




Customer Reviews:

Dong Wuk Lee  (Sunday, 13 December 2020)
Rating: 4
excellent review material




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5 STARS
Great refresher course. Not wordy. Does a great job bringing me up to date as the computer programs do most of the work nowadays.
2 STARS
The last half or so of the course had nothing to do with divorce. The test was strange with question 107 seeming to have the man marry his daughter!
0 STARS
THE TEST WAS A MESS WITH SOME ANSWERS SHOWN TWICE AND OTHERS HAD THE QUESTION AS ONE OF THE ANSWERS. IT\'S OBVIOUS NO ONE PROOF READ THE ANSWERS BEFORE SUBMITTING.
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This course seemed more concerned with lawyers than with CPA (regardless of state) and questions were very poorly worded. Many were of the which was is false or exempt which made the test even more difficult. Find the course somewhere else.

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