Deloitte inventory guide

Roadmap Series.

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

Deloitte inventory guide

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Digital supply chain in retail and consumer goods Using digital supply networks to gain competitive advantage.

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.

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.

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.

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This Roadmap is intended to help readers navigate some of the questions that may arise in the application of the disclosure requirements related to certain registered securities under SEC Regulation S-X, Rules , , , and Thus, the inventory at any given date is the balance of costs applicable to goods on hand remaining after the matching of absorbed costs with concurrent revenues. Link copied. For inventory items that are not interchangeable, specific costs are attributed to the specific individual items of inventory. This Roadmap breaks down the requirements in ASC and reconstructs them in a logical narrative, making them easier to understand and apply. NRV is the estimated selling price in the ordinary course of business, less the estimated cost of completion and the estimated costs necessary to make the sale. Go to favorites Close. All rights reserved. The utility suffers a lag or delay in being able to recover these costs if ever in their rates. Previous Section Next Section. In practice, this balance is determined by the process of pricing the articles included in the inventory.

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

Inventories include assets held for sale in the ordinary course of business finished goods , assets in the production process for sale in the ordinary course of business work in process , and materials and supplies that are consumed in production raw materials. Digital supply chain in retail and consumer goods Using digital supply networks to gain competitive advantage. This content is copyright protected. Roadmap: Noncontrolling Interests December Save and exit Continue Cancel. The objective of IAS 2 is to prescribe the accounting treatment for inventories. The same costing method must be applied to all inventories that have a similar nature and use to the entity. The edition of this publication reflects recent developments related to non-GAAP measures, key performance indicators, and metrics. Related Projects. To stay logged in, change your functional cookie settings.