/  Inventory Accounting and Costing
All courses in Singapore have been cancelled .
BMC Training provides on 9 May 2021 Inventory Accounting and Costing course [Finance , Accounting and Budgeting] in Singapore,Singapore

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



Related Training Courses

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Course Details
  • Code FBA160
  • TIME    08:00 AM - 11:15 AM
  • DATE    May 9 2021 - May 13 2021
  • Singapore , Ibis Singapore Novena
  • +44 2087206971
  • Support@bmc.net

Fees Per Person

7000 GBP + VAT
Other Dates

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