International Financial Reporting Standards are changing how Canadian companies account for inventory on their financial statements.

Usually the largest or second-largest item on the balance sheet, and a significant item on the income statement (cost of goods sold), accounting for inventory is a high priority. IFRS asks the accountant to measure the fair value of inventory by choosing among several alternative methods but just exactly how do you do it? This hands-on workshop will provide you with easy-to-follow guidelines that will ensure that you can meet the deadline for complying with these new standards.

Topics covered will include:

• Concepts and rules for inventory under IFRS
• Inventory costing methods under IFRS
• Ownership of goods
• Fair value of inventory under IFRS
• Net realizable value
• Standard costing
  Other alternative valuation methods under IFRS
• Disclosure requirements
• Financial statement presentation