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Lecture 4 ifa1_2011[1](2)
1.
2.
3.
4.
5.
Figure 9.1
Inventories majors issues Use with Financial Accounting and Reporting: A Global Perspective, 3rd Edition , ISBN 1-4080-2113-2 © 2010 H. Stolowy, M. J. Lebas and Y. Ding
6.
7.
Figure 9.2
Classification of inventories Use with Financial Accounting and Reporting: A Global Perspective, 3rd Edition , ISBN 1-4080-2113-2 © 2010 H. Stolowy, M. J. Lebas and Y. Ding
8.
9.
Table 9.1
Main categories of inventories Use with Financial Accounting and Reporting: A Global Perspective, 3rd Edition , ISBN 1-4080-2113-2 © 2010 H. Stolowy, M. J. Lebas and Y. Ding
10.
11.
Perpetual (or permanent)
inventory system Use with Financial Accounting and Reporting: A Global Perspective, 3rd Edition , ISBN 1-4080-2113-2 © 2010 H. Stolowy, M. J. Lebas and Y. Ding A continuous record of changes in inventory (entries as well as withdrawals) is maintained in the Inventory account
12.
Illustration Borodine
Company Use with Financial Accounting and Reporting: A Global Perspective, 3rd Edition , ISBN 1-4080-2113-2 © 2010 H. Stolowy, M. J. Lebas and Y. Ding Basic data
13.
Perpetual (or permanent)
inventory system Use with Financial Accounting and Reporting: A Global Perspective, 3rd Edition , ISBN 1-4080-2113-2 © 2010 H. Stolowy, M. J. Lebas and Y. Ding The fundamental inventory equation is used to calculate the ending inventory as follows:
14.
Periodic inventory system
Use with Financial Accounting and Reporting: A Global Perspective, 3rd Edition , ISBN 1-4080-2113-2 © 2010 H. Stolowy, M. J. Lebas and Y. Ding Basis of the system: required periodic (annual) physical counting to establish the quantities in the ending inventory so that they can be valued
15.
Periodic inventory system
Use with Financial Accounting and Reporting: A Global Perspective, 3rd Edition , ISBN 1-4080-2113-2 © 2010 H. Stolowy, M. J. Lebas and Y. Ding The fundamental inventory equation is expressed as follows
16.
Figure 9.3
Recording of inventory - impact on the financial statements Use with Financial Accounting and Reporting: A Global Perspective, 3rd Edition , ISBN 1-4080-2113-2 © 2010 H. Stolowy, M. J. Lebas and Y. Ding
17.
18.
19.
Figure 9.4
Inventories in the income statement by nature Use with Financial Accounting and Reporting: A Global Perspective, 3rd Edition , ISBN 1-4080-2113-2 © 2010 H. Stolowy, M. J. Lebas and Y. Ding
20.
3 Costing inventories
(figure 9.5) Use with Financial Accounting and Reporting: A Global Perspective, 3rd Edition , ISBN 1-4080-2113-2 © 2010 H. Stolowy, M. J. Lebas and Y. Ding
21.
22.
Table 9.3
Cost of consumption and value of remaining inventory Use with Financial Accounting and Reporting: A Global Perspective, 3rd Edition , ISBN 1-4080-2113-2 © 2010 H. Stolowy, M. J. Lebas and Y. Ding
23.
Table 9.4
Impact on income statement Use with Financial Accounting and Reporting: A Global Perspective, 3rd Edition , ISBN 1-4080-2113-2 © 2010 H. Stolowy, M. J. Lebas and Y. Ding
24.
Table 9.5
Impact on net income and ending inventory Use with Financial Accounting and Reporting: A Global Perspective, 3rd Edition , ISBN 1-4080-2113-2 © 2010 H. Stolowy, M. J. Lebas and Y. Ding Impact on income and ending inventory of the three methods in the context of rising or falling costs of acquisition See some other LIFO considerations in Appendix 9.3
25.
26.
27.
Figure 9.6
End-of-year adjustments Use with Financial Accounting and Reporting: A Global Perspective, 3rd Edition , ISBN 1-4080-2113-2 © 2010 H. Stolowy, M. J. Lebas and Y. Ding
28.
29.
Table 9.7
Moussorgski: Data Use with Financial Accounting and Reporting: A Global Perspective, 3rd Edition , ISBN 1-4080-2113-2 © 2010 H. Stolowy, M. J. Lebas and Y. Ding
30.
Table 9.8
Income statement by nature and by function Use with Financial Accounting and Reporting: A Global Perspective, 3rd Edition , ISBN 1-4080-2113-2 © 2010 H. Stolowy, M. J. Lebas and Y. Ding The operating income is mechanically exactly the same under both approaches
31.
32.
Table 9.9
Formulae for the calculation of the Inventory turnover in the income statement by nature Use with Financial Accounting and Reporting: A Global Perspective, 3rd Edition , ISBN 1-4080-2113-2 © 2010 H. Stolowy, M. J. Lebas and Y. Ding
33.
Real-life example
Inventory ratios: Toray Industries (Japan - 2008/09) Use with Financial Accounting and Reporting: A Global Perspective, 3rd Edition , ISBN 1-4080-2113-2 © 2010 H. Stolowy, M. J. Lebas and Y. Ding
34.
35.
36.
37.
38.
39.
Table 10.1
Subsequent measurement of financial assets Use with Financial Accounting and Reporting: A Global Perspective, 3rd Edition , ISBN 1-4080-2113-2 © 2010 H. Stolowy, M. J. Lebas and Y. Ding
40.
41.
42.
Table 10.3
Data of Mozart Company’s current investment example Use with Financial Accounting and Reporting: A Global Perspective, 3rd Edition , ISBN 1-4080-2113-2 © 2010 H. Stolowy, M. J. Lebas and Y. Ding
43.
Figure 10.1
Accounting for current investments – Year X1 Use with Financial Accounting and Reporting: A Global Perspective, 3rd Edition , ISBN 1-4080-2113-2 © 2010 H. Stolowy, M. J. Lebas and Y. Ding
44.
Figure 10.2
Accounting for current investments – Quarter 1 of X2 Use with Financial Accounting and Reporting: A Global Perspective, 3rd Edition , ISBN 1-4080-2113-2 © 2010 H. Stolowy, M. J. Lebas and Y. Ding
45.
Reporting financial asset
at fair value through profit or loss Use with Financial Accounting and Reporting: A Global Perspective, 3rd Edition , ISBN 1-4080-2113-2 © 2010 H. Stolowy, M. J. Lebas and Y. Ding
46.
47.
48.
Figure 10.3
Different categories of claims Use with Financial Accounting and Reporting: A Global Perspective, 3rd Edition , ISBN 1-4080-2113-2 © 2010 H. Stolowy, M. J. Lebas and Y. Ding
49.
Figure 10.4
Doubtful accounts receivable Use with Financial Accounting and Reporting: A Global Perspective, 3rd Edition , ISBN 1-4080-2113-2 © 2010 H. Stolowy, M. J. Lebas and Y. Ding
50.
51.
52.
Figure 10.5
Doubtful accounts – Year X1 Use with Financial Accounting and Reporting: A Global Perspective, 3rd Edition , ISBN 1-4080-2113-2 © 2010 H. Stolowy, M. J. Lebas and Y. Ding
53.
Figure 10.6
Doubtful accounts - Year X2 Use with Financial Accounting and Reporting: A Global Perspective, 3rd Edition , ISBN 1-4080-2113-2 © 2010 H. Stolowy, M. J. Lebas and Y. Ding
54.
Figure 10.7
Doubtful accounts - Year X3 Use with Financial Accounting and Reporting: A Global Perspective, 3rd Edition , ISBN 1-4080-2113-2 © 2010 H. Stolowy, M. J. Lebas and Y. Ding
55.
Impact on income
of each of the year’s entries Use with Financial Accounting and Reporting: A Global Perspective, 3rd Edition , ISBN 1-4080-2113-2 © 2010 H. Stolowy, M. J. Lebas and Y. Ding
56.
Reporting accounts receivable
(1/2) Brückner example – Year X2 Use with Financial Accounting and Reporting: A Global Perspective, 3rd Edition , ISBN 1-4080-2113-2 © 2010 H. Stolowy, M. J. Lebas and Y. Ding
57.
Reporting accounts receivable
(2/2) Brückner example – Year X2 Use with Financial Accounting and Reporting: A Global Perspective, 3rd Edition , ISBN 1-4080-2113-2 © 2010 H. Stolowy, M. J. Lebas and Y. Ding
58.
6 Recording
of a sales return with direct cancellation (method 1, figure 10.9) Use with Financial Accounting and Reporting: A Global Perspective, 3rd Edition , ISBN 1-4080-2113-2 © 2010 H. Stolowy, M. J. Lebas and Y. Ding
59.
Recording of a
sales return with use of a contra-account (method 2, figure 10.10) Use with Financial Accounting and Reporting: A Global Perspective, 3rd Edition , ISBN 1-4080-2113-2 © 2010 H. Stolowy, M. J. Lebas and Y. Ding
60.
61.
62.
Real-life example :
Ericsson (Sweden – IFRS – 2008) Use with Financial Accounting and Reporting: A Global Perspective, 3rd Edition , ISBN 1-4080-2113-2 © 2010 H. Stolowy, M. J. Lebas and Y. Ding
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