Deloitte inventory guide

Roadmap Series. Previous Section Next Section.

Other Publications. Additional Deloitte Guidance. Chapter 1 — Assets. Previous Section Next Section. GAAP are essentially the same.

Deloitte inventory guide

You must log in to view this content and have a subscription package that includes this content. ASC Inventory. Previous Section Next Section. This Topic provides guidance on the accounting and reporting of inventory in the financial statements. Read more. Additional Resources. Deloitte Guidance — Overall. ASC provides guidance on the accounting and reporting of inventory in the financial statements. ASC notes the following concerning inventory balances: An inventory has financial significance because revenues may be obtained from its sale, or from the sale of the goods or services in the production of which it is used. Normally such revenues arise in a continuous repetitive process or cycle of operations in which goods are acquired, created, and sold, and further goods are acquired for additional sales. Thus, the inventory at any given date is the balance of costs applicable to goods on hand remaining after the matching of absorbed costs with concurrent revenues. This balance is appropriately carried to future periods provided it does not exceed an amount properly chargeable against the revenues expected to be obtained from ultimate disposition of the goods carried forward. In practice, this balance is determined by the process of pricing the articles included in the inventory.

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Other Publications. Additional Deloitte Guidance. Chapter 1 — Assets. Previous Section Next Section. GAAP are essentially the same. The primary differences between the two frameworks regarding the accounting for inventories relate to costing methods and impairment reversals, as summarized in the table below. First-in, first-out FIFO and weighted-average cost are acceptable accounting methods for determining cost of inventory. Last-in, first-out LIFO is not permitted. The specific identification method is required for inventory items that are not ordinarily interchangeable and for goods or services produced and segregated for specific projects. Consistency of costing methods cost formulas.

Deloitte inventory guide

You must log in to view this content and have a subscription package that includes this content. ASC Inventory. Previous Section Next Section. This Topic provides guidance on the accounting and reporting of inventory in the financial statements. Read more.

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Table of contents. Further, it is assumed in this edition that an entity has adopted ASU The days of inventory being considered an asset with expected rate recovery are long gone. ASC further provides guidance on when a component, or group of components, of an entity that is classified as held for sale or disposed of must be reported as a discontinued operation. The same costing method must be applied to all inventories that have a similar nature and use to the entity. Viewing offline content Limited functionality available. This Roadmap provides a comprehensive discussion of the guidance in ASC on the identification, classification, measurement, and presentation and disclosure of derivative instruments, including embedded derivatives. Appendix F of the Roadmap highlights substantive revisions to previous content. This Roadmap provides an overview of the guidance in ASC on the subsequent accounting for goodwill after its initial recognition. Roadmap: Initial Public Offerings August

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Making the case for inventory optimization How to use inventory analytics to your advantage. Inventories are required to be stated at the lower of cost and net realisable value NRV. This balance is appropriately carried to future periods provided it does not exceed an amount properly chargeable against the revenues expected to be obtained from ultimate disposition of the goods carried forward. A revised version of IAS 2 was issued in December and applies to annual periods beginning on or after 1 January To access this content, click on "Go to content". Stay signed in Are you still working? Please see www. Roadmap: Foreign Currency Matters March Roadmap: Statement of Cash Flows July Thus, the inventory at any given date is the balance of costs applicable to goods on hand remaining after the matching of absorbed costs with concurrent revenues. Log in here with your My Deloitte password to link accounts. ASC provides guidance on the accounting and reporting of inventory in the financial statements.