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الأهداف
By the end of the course, participants will be able to:
- List different types and reasons to hold inventory and construct the overall inventory cycle from purchase to sales
- Justify difference between perpetual and periodic inventory methods and evaluate inventory cost allocation techniques
- Recognize and correctly measure inventory under International Financial Reporting Standards (IFRS) and Generally Accepted Accounting Principles (GAAP)
- Account properly for write downs, write backs and impact of change in inventory accounting policies on financial statements
- Apply professional judgment in accounting for inventory not on hand
- Categorize different inventory cost-flow assumptions and how they affect the company’s financial position and income statement
- Outline the various approaches for cost accounting
- Employ Excel and pivot table tools and techniques to analyze inventory and calculate weighted average costs
الخطوط العريضة
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
- Cost allocation techniques:
- 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 incoterms
- 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 and moving average
- Specific identification
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
من ينبغى أن يحضر
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.
المدة
5 أيام
