Inventory Accounting and Costing

Course details

Program 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.

Who should attend:

• Inventory professionals, including supervisors, account managers, purchasing and facility supervisors and coordinators, financial controllers, new employees handling inventory, internal auditors, warehouse assistants and managers, and operations managers.