Inventory Accounting and Costing

Inventory Accounting and Costing


Choose from the following table the course date which you would like to attend the course on :

Sart
End
Fees
Venue
Length
4-Mar-2018
8-Mar-2018
7500$
Istanbul (Turkey)
One Week
Click Here
11-Mar-2018
15-Mar-2018
4700$
Dubai (UAE)
One Week
Click Here
4-Mar-2018
8-Mar-2018
6950$
Paris (France)
One Week
Click Here
15-Apr-2018
19-Apr-2018
4700$
Kuala Lumpur (Malaysia)
One Week
Click Here
8-Apr-2018
12-Apr-2018
5700$
London (UK)
One Week
Click Here
20-May-2018
24-May-2018
7500$
Istanbul (Turkey)
One Week
Click Here
6-May-2018
10-May-2018
4700$
Dubai (UAE)
One Week
Click Here
20-May-2018
24-May-2018
6950$
Paris (France)
One Week
Click Here
10-Jun-2018
14-Jun-2018
4700$
Kuala Lumpur (Malaysia)
One Week
Click Here
17-Jun-2018
21-Jun-2018
5700$
London (UK)
One Week
Click Here
15-Jul-2018
19-Jul-2018
7500$
Istanbul (Turkey)
One Week
Click Here
8-Jul-2018
12-Jul-2018
4700$
Dubai (UAE)
One Week
Click Here
15-Jul-2018
19-Jul-2018
6950$
Paris (France)
One Week
Click Here
12-Aug-2018
16-Aug-2018
4700$
Kuala Lumpur (Malaysia)
One Week
Click Here
26-Aug-2018
30-Aug-2018
5700$
London (UK)
One Week
Click Here
9-Sep-2018
13-Sep-2018
7500$
Istanbul (Turkey)
One Week
Click Here
16-Sep-2018
20-Sep-2018
4700$
Dubai (UAE)
One Week
Click Here
9-Sep-2018
13-Sep-2018
6950$
Paris (France)
One Week
Click Here
28-Oct-2018
1-Nov-2018
4700$
Kuala Lumpur (Malaysia)
One Week
Click Here
21-Oct-2018
25-Oct-2018
5700$
London (UK)
One Week
Click Here
4-Nov-2018
8-Nov-2018
7500$
Istanbul (Turkey)
One Week
Click Here
11-Nov-2018
15-Nov-2018
4700$
Dubai (UAE)
One Week
Click Here
4-Nov-2018
8-Nov-2018
6950$
Paris (France)
One Week
Click Here
16-Dec-2018
20-Dec-2018
4700$
Kuala Lumpur (Malaysia)
One Week
Click Here
9-Dec-2018
13-Dec-2018
5700$
London (UK)
One Week
Click Here
13-Jan-2019
17-Jan-2019
7500$
Istanbul (Turkey)
One Week
Click Here
20-Jan-2019
24-Jan-2019
4700$
Dubai (UAE)
One Week
Click Here
13-Jan-2019
17-Jan-2019
6950$
Paris (France)
One Week
Click Here
24-Feb-2019
28-Feb-2019
4700$
Kuala Lumpur (Malaysia)
One Week
Click Here
17-Feb-2019
21-Feb-2019
5700$
London (UK)
One Week
Click Here

Objectives:

By the end of the program, participants will be able to:

  • Obtain up-to-date rules covering costing and accounting for inventory, and touch base with inventory cycles from purchase to sales.
  • Correctly recognize and measure inventory under International Financial Reporting Standards (IFRS) and Generally Accepted Accounting Principles (GAAP).
  • Properly account for write-downs, write-backs and impact of change in inventory accounting policies on financial statements.
  • Develop professional judgment in accounting for inventory not on hand.
  • Gain knowledge of different inventory cost-flow assumptions and how they affect the company’s financial position and income statement.
  • Report and disclose inventory accurately by adhering to internationally recognized conventions.
  • Understand inventory cost allocation techniques and cost accounting approaches.

The Content:

Introduction to Inventory

  • Current Assets and Inventory Management
  • The Four Reasons for Keeping Inventory
  • Inventory Cycle from Purchases to Sales:
  • Ordering and Receiving
  • Sales and Delivery
  • Best Practices in Count Process
  • Inventory Industry Types: Merchandise, Manufacturing, Construction and Real Estate
  • Differences between Inventory, Fixed Assets and Investment Properties
  • Understanding and Analyzing Inventory Ratios

Accounting for Inventory

  • Perpetual versus Periodic Inventory Methods 
  • Cost Accounting versus Financial Accounting
  • Cost Allocation Techniques:
  • Direct Material, Direct Labor and Manufacturing Overhead
  • Initial Recognition
  • Cost of Purchase, Cost of Conversion and Treatment of Discounts and Rebates Received
  • Measurement after Recognition
  • Calculating “Net Realizable Value” (IFRS) 
  • Calculating Market Price Under The “Lower of Cost or Market-LCM” Method (GAAP)
  • Estimating and Booking Write-Downs for Slow-Moving and Obsolete Inventory
  • Accounting for Write-Backs of Impairment Under IFRS and GAAP
  • Accounting for Errors Identified on Physical Count

Accounting for Inventory – Special Topics

  • Accounting for Inventory Not on Hand
  • On Consignment
  • Goods In-Transit: Defining Inco-Terms
  • Sold with Right of Return
  • Sold Subject to Installation and Inspection
  • Sold on a “Bill-and-Hold” Basis
  • The Concept of “Inventory Credit”: Inventory Used as Collateral to Raise Finance
  • Impact of Accounting Policies Changes on Financial Statements 
  • Inventory Required Disclosures

Inventory Cost Flow Assumptions

  • First-In First-Out (FIFO) and Last-In First-Out (LIFO)
  • Weighted Average (WA) and Moving Average (MA)
  • Specific Identification (SID)

Inventory Estimation and Cost Accounting Approaches

  • Inventory Estimation Techniques
  • Gross Profit Method
  • Retail Method
  • Cost Accounting Approaches
  • Traditional Costing versus Activity-Based Costing
  • Target Costing versus Cost-Plus Pricing Method
  • Standard Cost Accounting
  • Throughput Accounting
  • Using Excel for Efficient Analysis of Inventory
  • Consolidating your Inventory Data
  • Validating Data for Accuracy
  • Analyzing Slow Moving and Obsolete Inventory
  • Tests of Recalculating Weighted Average and Moving Average Costs
  • Using Pivot Tables to Efficiently Analyze and Report on Inventory Issues

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