Inventories

Adriana Duţescu ()
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Adriana Duţescu: Bucharest University of Economic Studies

Chapter Chapter 5 in Financial Accounting, 2019, pp 93-129 from Springer

Abstract: Abstract This chapter provides an extensive analysis of the inventories’ transactions and their effect in the Financial Statements. The appropriate concepts, principles, techniques and specific professional judgements are based on IFRSs and IASB Framework but there are also parallels with the Romanian “way” of accounting for specific transactions. Inventories’ valuation occupies an important section of this chapter, based upon specific examples on acquisition, production, sale and disposal, plus the end-of-the-year’s adjustments for the annual disclosure. Extensive examples and cases, providing analysis, computations, journal entries, differences between the IFRSs way” and the Romanian Standards “way” are developed through the chapter. FIFO, LIFO, WAC are discussed and compared in the context of a different local practice than the IAS 2. The end of the chapter is emphasised by a summary questions and answers set, as a conclusion to the topic.

Date: 2019
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Persistent link: https://EconPapers.repec.org/RePEc:spr:sprchp:978-3-030-29485-4_5

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DOI: 10.1007/978-3-030-29485-4_5

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