3031inventory.docx
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3031inventory.docx
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3031inventory
SPECIFICITEMS
SECTION3031
inventories
TheparagraphnumberinginthisSectionhasbeenalignedwiththatofInternationalFinancialReportingStandardIAS2,"Inventories,"(December2003)onwhichtheSectionisbased.Accordingly:
(a)whenaparticularparagraphinIAS2hasnotbeenadopted,itisidentifiedas"[Notused]";and
(b)whenithasbeennecessarytoaddaparagraphorsub-paragraphnotincludedinIAS2,theparagraphorsub-paragraphisnumberedsoastomaintainthissymmetry.
TABLEOFCONTENTS
Paragraph
Objective
.01
Scope
.02-.05
Definitions
.06-.08A
Measurementofinventories
.09-.33
Costofinventories
.10-.22
Costsofpurchase
.11
Costsofconversion
.12-.14
Othercosts
.15-.20
Techniquesforthemeasurementofcost
.21-.22
Costformulas
.23-.27
Netrealizablevalue
.28-.33
Recognitionasanexpense
.34-.35
Disclosure
.36-.39
Not-for-profitorganizations
.39A-.39E
Contributionsofmaterialsandservices
.39B-.39C
Inventoriestobedistributedatnochargeorforanominalcharge
.39D-.39E
Effectivedate
.40A
Illustrativeexample
Objective
OBJECTIVE
.01 TheobjectiveofthisSectionistoprescribetheaccountingtreatmentforinventories.Aprimaryissueinaccountingforinventoriesistheamountofcosttoberecognizedasanassetandcarriedforwarduntiltherelatedrevenuesarerecognized.ThisSectionprovidesguidanceonthedeterminationofcostanditssubsequentrecognitionasanexpense,includinganywrite-downtonetrealizablevalue.Italsoprovidesguidanceonthecostformulasthatareusedtoassigncoststoinventories.
Scope
SCOPE
.02 ThisSectionappliestoallinventories,except:
(a) [Notused]
(a1)contractsaccountedforusingthepercentageofcompletionmethod(seeREVENUE,Section3400);
(b) financialinstruments;and
(c) [Notused]
(c1)contributionsnotrecognizedbynot-for-profitorganizationsinaccordancewithCONTRIBUTIONS—REVENUERECOGNITION,Section4410.
.02A Sparepartsandservicingequipmentareusuallycarriedasinventoryandrecognizedinnetincomeasconsumed.However,majorsparepartsandstand-byequipmentmayqualifyasproperty,plantandequipment(seePROPERTY,PLANTANDEQUIPMENT,Section3061).
.03 ThisSectiondoesnotapplytothemeasurementofinventories:
(a) heldbyproducersofagriculturalandforestproducts,agriculturalproduceafterharvest,andmineralsandmineralproducts,totheextentthattheyaremeasuredatnetrealizablevalueinaccordancewithwell-establishedpracticesinthoseindustries.Whensuchinventoriesaremeasuredatnetrealizablevalue,changesinthatvaluearerecognizedinnetincomeintheperiodofthechange.
(b) heldbycommoditybroker-traderswhomeasuretheirinventoriesatfairvaluelesscoststosell.Whensuchinventoriesaremeasuredatfairvaluelesscoststosell,changesinfairvaluelesscoststosellarerecognizedinnetincomeintheperiodofthechange.
(b1)oflivinganimalsandplants(biologicalassets)andtheharvestedproductoftheentity'sbiologicalassets(agriculturalproduce).ThisSectiondoesapplytoproductsthataretheresultofprocessingafterharvestsuchasprocessedfoods,threadandlumber.
.04 Theinventoriesreferredtoinparagraph3031.03(a)aremeasuredatnetrealizablevalueatcertainstagesofproduction.Thisoccurs,forexample,whenagriculturalcropshavebeenharvestedormineralshavebeenextractedandsaleisassuredunderaforwardcontractoragovernmentguarantee,orwhenanactivemarketexistsandthereisanegligibleriskoffailuretosell.TheseinventoriesareexcludedfromonlythemeasurementrequirementsofthisSection.
.05 Broker-tradersarethosewhobuyorsellcommoditiesforothersorontheirownaccount.Theinventoriesreferredtoinparagraph3031.03(b)areprincipallyacquiredwiththepurposeofsellinginthenearfutureandgeneratingaprofitfromfluctuationsinpriceorbroker-traders'margin.Whentheseinventoriesaremeasuredatfairvaluelesscoststosell,theyareexcludedfromonlythemeasurementrequirementsofthisSection.
Definitions
DEFINITIONS
.06 ThefollowingtermsareusedinthisSectionwiththemeaningsspecified:
Inventoriesareassets:
(a) heldforsaleintheordinarycourseofbusiness;
(b) intheprocessofproductionforsuchsale;or
(c) intheformofmaterialsorsuppliestobeconsumedintheproductionprocessorintherenderingofservices.
Netrealizablevalueistheestimatedsellingpriceintheordinarycourseofbusinesslesstheestimatedcostsofcompletionandtheestimatedcostsnecessarytomakethesale.
Fairvalueistheamountoftheconsiderationthatwouldbeagreeduponinanarm'slengthtransactionbetweenknowledgeable,willingpartieswhoareundernocompulsiontoact.
.07 Netrealizablevaluereferstothenetamountthatanentityexpectstorealizefromthesaleofinventoryintheordinarycourseofbusiness.Fairvaluereflectstheamountforwhichthesameinventorycouldbeexchangedbetweenknowledgeableandwillingbuyersandsellersinthemarketplace.Theformerisanentity-specificvalue;thelatterisnot.Netrealizablevalueforinventoriesmaynotequalfairvaluelesscoststosell.
.08 [Notused]
.08A Inventoriesencompassgoodspurchasedandheldforresaleincluding,forexample,merchandisepurchasedbyaretailerandheldforresale,orlandandotherpropertyheldforresale.Inventoriesalsoencompassfinishedgoodsproduced,orworkinprogressbeingproduced,bytheentityandincludematerialsandsuppliesawaitinguseintheproductionprocess.
MeasurementofInventories
MEASUREMENTOFINVENTORIES
.09 ¨Inventoriesshallbemeasuredatthelowerofcostandnetrealizablevalue.[JAN.2008]
.09A ¨Anot-for-profitorganizationshallmeasureinventoriesinaccordancewithparagraph3031.09,exceptasspecifiedinparagraph3031.39D.[JAN.2008]
Costofinventories
Costofinventories
.10 ¨Thecostofinventoriesshallcompriseallcostsofpurchase,costsofconversionandothercostsincurredinbringingtheinventoriestotheirpresentlocationandcondition.[JAN.2008]
Costsofpurchase
Costsofpurchase
.11 Thecostsofpurchaseofinventoriescomprisethepurchaseprice,importdutiesandothertaxes(otherthanthosesubsequentlyrecoverablebytheentityfromthetaxingauthorities),andtransport,handlingandothercostsdirectlyattributabletotheacquisitionoffinishedgoods,materialsandservices.Tradediscounts,rebatesandothersimilaritemsaredeductedindeterminingthecostsofpurchase.
Costsofconversion
Costsofconversion
.12 Thecostsofconversionofinventoriesincludecostsdirectlyrelatedtotheunitsofproduction,suchasdirectlabour.Theyalsoincludeasystematicallocationoffixedandvariableproductionoverheadsthatareincurredinconvertingmaterialsintofinishedgoods.Fixedproductionoverheadsarethoseindirectcostsofproductionthatremainrelativelyconstantregardlessofthevolumeofproduction,suchasdepreciationandmaintenanceoffactorybuildingsandequipment,andthecostoffactorymanagementandadministration.Variableproductionoverheadsarethoseindirectcostsofproductionthatvarydirectly,ornearlydirectly,withthevolumeofproduction,suchasindirectmaterialsandindirectlabour.
.13 Theallocationoffixedproductionoverheadstothecostsofconversionisbasedonthenormalcapacityoftheproductionfacilities.Normalcapacityistheproductionexpectedtobeachievedonaverageoveranumberofperiodsorseasonsundernormalcircumstances,takingintoaccountthelossofcapacityresultingfromplannedmaintenance.Theactuallevelofproductionmaybeusedifitapproximatesnormalcapacity.Theamountoffixedoverheadallocatedtoeachunitofproductionisnotincreasedasaconsequenceoflowproductionoridleplant.Unallocatedoverheadsarerecognizedasanexpenseintheperiodinwhichtheyareincurred.Inperiodsofabnormallyhighproduction,theamountoffixedoverheadallocatedtoeachunitofproductionisdecreasedsothatinventoriesarenotmeasuredabovecost.Variableproductionoverheadsareallocatedtoeachunitofproductiononthebasisoftheactualuseoftheproductionfacilities.
.14 Aproductionprocessmayresultinmorethanoneproductbeingproducedsimultaneously.Thisisthecase,forexample,whenjointproductsareproducedorwhenthereisamainproductandaby-product.Whenthecostsofconversionofeachproductarenotseparatelyidentifiable,theyareallocatedbetweentheproductsonarationalandconsistentbasis.Theallocationmaybebased,forexample,ontherelativesalesvalueofeachproducteitheratthestageintheproductionprocesswhentheproductsbecomeseparatelyidentifiable,oratthecompletionofproduction.Mostby-products,bytheirnature,areimmaterial.Whenthisisthecase,theyareoftenmeasuredatnetrealizablevalueandthisvalueisdeductedfromthecostofthemainproduct.Asaresult,thecarryingamountofthemainproductisnotmateriallydifferentfromitscost.
Othercosts
Othercosts
.15 Othercostsareincludedinthecostofinventoriesonlytotheextentthattheyareincurredinbringingtheinventoriestotheirpresentlocationandcondition.Forexample,itmaybeappropriatetoincludenon-productionoverheadsorthecostsofdesigningproductsforspecificcustomersinthecostofinventories.
.16 Examplesofcostsexcludedfromthecostofinventoriesandrecognizedasexpensesintheperiodinwhichtheyareincurredare:
(a) abnormalamountsofwastedmaterials,labourorother
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