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Workshop on Stock in Trade – Physical Stock Taking &

Workshop on Stock in Trade – Physical Stock Taking &

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Published by zulfi

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Categories:Business/Law
Published by: zulfi on Dec 26, 2009
Copyright:Attribution Non-commercial

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05/11/2014

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Workshop on Stock in Trade –Physical Stock Taking & Valuation
 
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Inventories
The following topics will be covered during the workshop:DefinitionsFinancial statements assertionMethods of obtaining audit evidenceUnderstanding of inventory systemPhysical inventoriesValuation of inventoriesPresentation and disclosuresQuiz and multiple choice questions
 
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Definitions
Inventories are assetsHeld 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 theproduction process in the rendering of services.Net realizable valueIs the estimated selling price in the ordinary course of business less the estimated costs of completion andestimated costs necessary to make the sale.Fair valueIs the amount for which an asset could be exchanged, or aliability settled between knowledgeable, willing parties inan arm length transaction.

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