/  Inventory Accounting and Costing Training

Inventory Accounting and Costing Training

BMC Training provides a training course in Inventory Accounting and Costing in Finance , Accounting and Budgeting

Course Title
Venue
Start Date
End Date
  • Dubai
    28 - 2 - 2021
    4 - 3 - 2021
  • Paris
    28 - 2 - 2021
    4 - 3 - 2021
  • Istanbul
    21 - 3 - 2021
    25 - 3 - 2021
  • Kuala Lumpur
    14 - 3 - 2021
    18 - 3 - 2021
  • Dubai
    7 - 3 - 2021
    11 - 3 - 2021
  • Paris
    7 - 3 - 2021
    11 - 3 - 2021
  • London
    28 - 3 - 2021
    1 - 4 - 2021
  • Dubai
    21 - 3 - 2021
    25 - 3 - 2021
  • Paris
    21 - 3 - 2021
    25 - 3 - 2021
  • Dubai
    25 - 4 - 2021
    29 - 4 - 2021
  • Paris
    25 - 4 - 2021
    29 - 4 - 2021
  • Kuala Lumpur
    4 - 4 - 2021
    8 - 4 - 2021
  • Istanbul
    11 - 4 - 2021
    15 - 4 - 2021
  • London
    18 - 4 - 2021
    22 - 4 - 2021
  • Dubai
    11 - 4 - 2021
    15 - 4 - 2021
  • Paris
    11 - 4 - 2021
    15 - 4 - 2021
  • Dubai
    18 - 4 - 2021
    22 - 4 - 2021
  • Paris
    18 - 4 - 2021
    22 - 4 - 2021
  • Istanbul
    9 - 5 - 2021
    13 - 5 - 2021
  • Kuala Lumpur
    2 - 5 - 2021
    6 - 5 - 2021
  • Dubai
    16 - 5 - 2021
    20 - 5 - 2021
  • Paris
    16 - 5 - 2021
    20 - 5 - 2021
  • London
    23 - 5 - 2021
    27 - 5 - 2021
  • Dubai
    9 - 5 - 2021
    13 - 5 - 2021
  • Paris
    9 - 5 - 2021
    13 - 5 - 2021
  • Dubai
    13 - 6 - 2021
    17 - 6 - 2021
  • Paris
    13 - 6 - 2021
    17 - 6 - 2021
  • Kuala Lumpur
    20 - 6 - 2021
    24 - 6 - 2021
  • Istanbul
    27 - 6 - 2021
    1 - 7 - 2021
  • London
    6 - 6 - 2021
    10 - 6 - 2021
  • Dubai
    27 - 6 - 2021
    1 - 7 - 2021
  • Paris
    27 - 6 - 2021
    1 - 7 - 2021
  • Dubai
    6 - 6 - 2021
    10 - 6 - 2021
  • Paris
    6 - 6 - 2021
    10 - 6 - 2021
  • Istanbul
    4 - 7 - 2021
    8 - 7 - 2021
  • Kuala Lumpur
    11 - 7 - 2021
    15 - 7 - 2021
  • Kuala Lumpur
    18 - 7 - 2021
    22 - 7 - 2021
  • London
    25 - 7 - 2021
    29 - 7 - 2021
  • Dubai
    4 - 7 - 2021
    8 - 7 - 2021
  • Paris
    4 - 7 - 2021
    8 - 7 - 2021
  • Dubai
    1 - 8 - 2021
    5 - 8 - 2021
  • Paris
    1 - 8 - 2021
    5 - 8 - 2021
  • Kuala Lumpur
    8 - 8 - 2021
    12 - 8 - 2021
  • Istanbul
    15 - 8 - 2021
    19 - 8 - 2021
  • London
    22 - 8 - 2021
    26 - 8 - 2021
  • Dubai
    15 - 8 - 2021
    19 - 8 - 2021
  • Paris
    15 - 8 - 2021
    19 - 8 - 2021
  • Dubai
    22 - 8 - 2021
    26 - 8 - 2021
  • Paris
    22 - 8 - 2021
    26 - 8 - 2021
  • Istanbul
    26 - 9 - 2021
    30 - 9 - 2021
  • Kuala Lumpur
    5 - 9 - 2021
    9 - 9 - 2021
  • Dubai
    12 - 9 - 2021
    16 - 9 - 2021
  • Paris
    12 - 9 - 2021
    16 - 9 - 2021
  • London
    19 - 9 - 2021
    23 - 9 - 2021
  • Dubai
    26 - 9 - 2021
    30 - 9 - 2021
  • Paris
    26 - 9 - 2021
    30 - 9 - 2021
  • Dubai
    17 - 10 - 2021
    21 - 10 - 2021
  • Paris
    17 - 10 - 2021
    21 - 10 - 2021
  • Kuala Lumpur
    24 - 10 - 2021
    28 - 10 - 2021
  • Istanbul
    3 - 10 - 2021
    7 - 10 - 2021
  • London
    10 - 10 - 2021
    14 - 10 - 2021
  • Dubai
    3 - 10 - 2021
    7 - 10 - 2021
  • Paris
    3 - 10 - 2021
    7 - 10 - 2021
  • Dubai
    10 - 10 - 2021
    14 - 10 - 2021
  • Paris
    10 - 10 - 2021
    14 - 10 - 2021
  • Istanbul
    21 - 11 - 2021
    25 - 11 - 2021
  • Dubai
    7 - 11 - 2021
    11 - 11 - 2021
  • Paris
    7 - 11 - 2021
    11 - 11 - 2021
  • London
    14 - 11 - 2021
    18 - 11 - 2021
  • Dubai
    21 - 11 - 2021
    25 - 11 - 2021
  • Paris
    21 - 11 - 2021
    25 - 11 - 2021
  • Dubai
    19 - 12 - 2021
    23 - 12 - 2021
  • Paris
    19 - 12 - 2021
    23 - 12 - 2021
  • Kuala Lumpur
    26 - 12 - 2021
    30 - 12 - 2021
  • Istanbul
    12 - 12 - 2021
    16 - 12 - 2021
  • London
    5 - 12 - 2021
    9 - 12 - 2021
  • Dubai
    12 - 12 - 2021
    16 - 12 - 2021
  • Paris
    12 - 12 - 2021
    16 - 12 - 2021
  • Dubai
    5 - 12 - 2021
    9 - 12 - 2021
  • Paris
    5 - 12 - 2021
    9 - 12 - 2021

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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