cost identification

CIBG – FRPA 2022 – L3 – Q1A – IAS 2 Inventories Treatment and Disclosure

Explain the treatment of fixed production overheads, valuation of closing inventories, cost identification methods under IAS 2, and state four disclosure requirements.

Question

IAS 2: Inventories, prescribes the accounting treatment for inventories in financial statements.

You are required to:

(a) Briefly explain how IAS 2: Inventories requires the following to be dealt with.

(i) Fixed production overhead costs.

(ii) The valuation of closing inventories.

(iii) The method to use in the identification of costs when there are large numbers of items which are ordinarily interchangeable. (12 marks)

(b) State four disclosure requirements of IAS 2: Inventories, in respect of closing inventories. (8 marks)

(Total: 20marks)

Answer

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Tags: cost identification, Disclosure Requirements, fixed production overheads, IAS 2, Inventories, Valuation
Level: Level 3

Topic: Financial Reporting Framework
Series: OCT 2022

Question Tag: cost identification

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CIBG – FRPA 2022 – L3 – Q1A – IAS 2 Inventories Treatment and Disclosure

Explain the treatment of fixed production overheads, valuation of closing inventories, cost identification methods under IAS 2, and state four disclosure requirements.

CIBG – FRPA 2022 – L3 – Q1A – IAS 2 Inventories Treatment and Disclosure

Explain the treatment of fixed production overheads, valuation of closing inventories, cost identification methods under IAS 2, and state four disclosure requirements.

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CIBG – FRPA 2022 – L3 – Q1A – IAS 2 Inventories Treatment and Disclosure

Explain the treatment of fixed production overheads, valuation of closing inventories, cost identification methods under IAS 2, and state four disclosure requirements.

You're reporting an error for "CIBG – FRPA 2022 – L3 – Q1A – IAS 2 Inventories Treatment and Disclosure"

CIBG – FRPA 2022 – L3 – Q1A – IAS 2 Inventories Treatment and Disclosure

Explain the treatment of fixed production overheads, valuation of closing inventories, cost identification methods under IAS 2, and state four disclosure requirements.

You're reporting an error for "CIBG – FRPA 2022 – L3 – Q1A – IAS 2 Inventories Treatment and Disclosure"

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