What ASC is inventory?

Table of Contents

ASC 330 provides guidance on the accounting and reporting of inventory in the financial statements.

What is ASC Topic 360?

ASC Topic 360 provides guidance on accounting for the impairment or disposal of long-lived assets. The methodology which should be followed in order to test for impairment considers the “recoverability” of an asset.

What are the disclosure requirements for inventory?

Disclosure

accounting policy for inventories.
carrying amount, generally classified as merchandise, supplies, materials, work in progress, and finished goods.
carrying amount of any inventories carried at fair value less costs to sell.
amount of any write-down of inventories recognised as an expense in the period.

What is ASC 360 Property plant and equipment?

Property, plant, and equipment (sometimes referred to as “fixed assets,” “tangible long lived assets,” or “plant assets”) are tangible property used in a productive capacity that will benefit the reporting entity for a period exceeding one year. They include land, buildings, machinery, furniture, and tools.

What are the topics used in the ASC?

Codification

General Principles.
Presentation.
Assets.
Liabilities.
Equity.
Revenue.
Expenses.
Broad Transactions.

What is five main areas of Accounting Standards Codification?

The Codification has organized the thousands of GAAP pronouncements into four primary groupings that include presentation, financial statements accounts (assets, liabilities, equity, revenue and expenses), broad transactions and industry guidance.

What is inventory according to IAS 2?

IAS 2 defines inventories as assets which are: held for sale in the ordinary course of business, in the process of production for such sale, or. in the form of materials or supplies to be consumed in the production or rendering of services.

Which IFRS is related to inventory?

About. IAS 2 provides guidance for determining the cost of inventories and the subsequent recognition of the cost as an expense, including any write-down to net realisable value. It also provides guidance on the cost formulas that are used to assign costs to inventories.

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