Stocks and long-term contracts

Mike Davies, Ron Paterson and Allister Wilson
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Mike Davies: Ernst & Young
Ron Paterson: Ernst & Young
Allister Wilson: Ernst & Young

Chapter Chapter 11 in UK Gaap, 1992, pp 627-676 from Palgrave Macmillan

Abstract: Abstract Accounting for stock involves the determination of both the cost of goods sold during the period and the amount that should be carried forward as stock to be matched against future revenues. Some of the thorniest conceptual and practical problems arise as a result of these measurement issues, many of which have yet to be settled. For example, there is the question of which cost flow assumption should be used in the determination of cost of sales and, secondly, there is the ‘direct costing’ vs. ‘full absorption costing’ debate surrounding the costing of the stock asset.

Keywords: Balance Sheet; Replacement Cost; Current Asset; Historical Cost; Loss Account (search for similar items in EconPapers)
Date: 1992
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DOI: 10.1007/978-1-349-12998-0_11

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