Deloitte inventory guide

You must log in to view this content and have a subscription package that includes this content. ASC Inventory, deloitte inventory guide. Previous Section Next Section. This Topic provides guidance on the accounting and reporting of inventory in the financial statements.

Roadmap Series. Previous Section Next Section. Navigate SEC reporting obligations related to business acquisitions with our comprehensive Roadmap, featuring SEC guidance and Deloitte's interpretations. Stay current with the latest updates and examples. Roadmap: Business Combinations December This comprehensive guide discusses key considerations for entities that prepare carve-out financial statements. This Roadmap provides an overview of the most significant differences between U.

Deloitte inventory guide

Other Publications. Additional Deloitte Guidance. Chapter 1 — Assets. Previous Section Next Section. GAAP are essentially the same. The primary differences between the two frameworks regarding the accounting for inventories relate to costing methods and impairment reversals, as summarized in the table below. First-in, first-out FIFO and weighted-average cost are acceptable accounting methods for determining cost of inventory. Last-in, first-out LIFO is not permitted. The specific identification method is required for inventory items that are not ordinarily interchangeable and for goods or services produced and segregated for specific projects. Consistency of costing methods cost formulas.

Suggested guidance. Roadmap: Revenue Recognition December

Making the case for inventory optimization has been saved. Making the case for inventory optimization has been removed. An Article Titled Making the case for inventory optimization already exists in Saved items. The days of inventory being considered an asset with expected rate recovery are long gone. Inventory investment is increasingly under scrutiny by both management and the utility commissions—meaning that inventory optimization needs to be effectively managed and budgeted. Chief among the cost of inventory is its ongoing carrying costs—including warehouse facility costs, labor costs associated with managing inventory, and recurring costs related to taxes and insurance. A secondary impact on inventory is related to regulatory lag.

Other Publications. Additional Deloitte Guidance. Chapter 1 — Assets. Previous Section Next Section. GAAP are essentially the same. The primary differences between the two frameworks regarding the accounting for inventories relate to costing methods and impairment reversals, as summarized in the table below. First-in, first-out FIFO and weighted-average cost are acceptable accounting methods for determining cost of inventory.

Deloitte inventory guide

Roadmap Series. Previous Section Next Section. Navigate SEC reporting obligations related to business acquisitions with our comprehensive Roadmap, featuring SEC guidance and Deloitte's interpretations. Stay current with the latest updates and examples. Roadmap: Business Combinations December This comprehensive guide discusses key considerations for entities that prepare carve-out financial statements. This Roadmap provides an overview of the most significant differences between U.

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Please see www. Still not a member? Roadmap: Noncontrolling Interests December This Roadmap provides an overview of the requirements in ASC related to convertible debt before the amendments made by ASU Yes Cancel. Before we start. There are no similar requirements under U. Looks like you've logged in with your email address, and with your social media. This Roadmap breaks down the requirements in ASC and reconstructs them in a logical narrative, making them easier to understand and apply. The objective of IAS 2 is to prescribe the accounting treatment for inventories. Save for later. Please Sign in to set this content as a favorite.

You must log in to view this content and have a subscription package that includes this content. ASC Inventory. Previous Section Next Section.

Please enable JavaScript to view the site. Follow along as we demonstrate how to use the site. Reversal of impairment losses. What inventory management method is right for you? Still not a member? My Deloitte. The specific identification method is required for inventory items that are not ordinarily interchangeable and for goods or services produced and segregated for specific projects. In addition to including new and expanded discussions and examples, the edition of the Roadmap incorporates the guidance in ASU , which is now effective for all entities. The standard requires inventories to be measured at the lower of cost and net realisable value NRV and outlines acceptable methods of determining cost, including specific identification in some cases , first-in first-out FIFO and weighted average cost. The edition includes updated and expanded discussions as well as new sections and illustrative examples.