Home  Journals  International Accounting  17(263) - 2013 May

Application of IAS 2 «Inventories» in the national accounting practice

Available online: 13 May 2013

Subject Heading: PROBLEMS. OPINIONS. DECISIONS

JEL Classification: 

In the article the need reliable estimates of production costs in order to come as close to the actual cost, is the definition of normal operating capacity, the problem of the division of general production overhead costs into fixed and variable, in accordance with IAS 2 «Inventories» on the basis of normal operating capacity in order to create accurate cost products, discuss approaches of calculating the cost of products proposed in the draft PBU 5/2012 «Accounting for Inventories» are identified, similarities and differences in the formation of the cost of finished products in accordance with AR 5/01 «Accounting for Inventories» and IAS 2 «Inventories» are revealed, the practical example of calculating the cost of finished products in accordance with IFRS 2 «Inventories» and PBU 5/01 «Accounting for Inventories» are presented, which allows to determine the influence of the results to the cost of finished products, profit margin, asset valuation and balance profitability.

Keywords: practical application of IFRS 2 «Inventories», inventory records, PBU 5/01 «Accounting for Inventories», project PBU 5/2012 «Accounting for Inventories», overhead fixed and variable overhead expenses, normal capacity, cost of finished product, profit margin, asset valuation balance

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ISSN 2311-9381 (Online)
ISSN 2073-5081 (Print)

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