IFRS Learning Module: Inventories (Text Based Course) 1.5 CPE

IFRS Learning Modules are a series of courses that provide in-depth overviews of various topics related to International Financial Reporting Standards (“IFRS”). IFRS represents the global accounting principles that provide the foundation for most of the world’s financial reporting. These Standards establish the recognition, measurement, presentation and disclosure requirements for transactions and events reflected in IFRS financial statements.

Module 4 of the IFRS Learning Module series presents an overview of IAS 2 Inventories, the accounting standard for classifying and measuring inventories in IFRS financial statements. This module also discusses the IASB’s and FASB’s efforts towards achieving convergence in this area of financial reporting.

1. IFRS Learning Module: Presentation of IFRS Financial Statements (Text Based Course)
   
2. IFRS Learning Module: Accounting Changes and Error Corrections (Text Based Course)
   
3. IFRS Learning Module: Events after the Reporting Period (Text Based Course)
   
4. IFRS Learning Module: Inventories (Text Based Course)
5. IFRS Learning Module: Segment Reporting (Text Based Course)
6. IFRS Learning Module: Earnings per Share (Text Based Course)
7. IFRS Learning Module: Property, Plant and Equipment (Text Based Course)

Prerequisites

No advanced preparation or prerequisites are required for this course.

Learning Objective

• Identify major classifications of inventory.
• Discover and distinguish between perpetual and periodic inventory systems.
• Discover and describe the items to include as inventory cost.
• Discover and describe and compare the formulas used to measure inventories in IFRS financial statements.
• Explore and explain when reporting entities measure inventories at net realizable value in IFRS financial statements.

Last updated/reviewed: January 20, 2025