The seminar will deal with three standards that are widely used in most sets of financial statements – IAS 2 Inventories, IAS 24 Related Party Disclosures and IAS 37 Provisions, Contingent Liabilities and Contingent Assets.
IAS 2 provides guidance for determining the cost of inventories and the subsequent recognition of the cost as an expense, including any write-down to net realisable value. It also provides guidance on the cost formulas that are used to assign costs to inventories.
The objective of IAS 24 is to ensure that an entity’s financial statements contain the disclosures necessary to draw attention to the possibility that its financial position and profit or loss may have been affected by the existence of related parties and by transactions and outstanding balances, including commitments, with such parties.
IAS 37 defines and specifies the accounting for and disclosure of provisions, contingent liabilities, and contingent assets.Download Event Brochure