IAS 2 – Inventories and GAPSME – Section 15

This session provides a practical and structured walkthrough of IAS 2 – Inventories and GAPSME – Section 15, focusing on the identification, recognition, measurement, and presentation of inventories in financial statements prepared under IFRS. The lecture will explore the scope of IAS 2 and GAPSME Section 15, the distinction between inventories and other classes of assets, as well as common classification pitfalls encountered in practice.

Key measurement principles will be discussed, including cost components, cost formulas, net realisable value (NRV), write-downs, reversals, and disclosure requirements.

The session will also examine more judgement-based and topical applications of IAS 2; such as the accounting treatment of cryptographic assets held for the short term.

The lecture is designed for accounting professionals, auditors, and finance practitioners who wish to strengthen their technical understanding of IAS 2, refresh their knowledge of key principles, and gain clarity on practical application issues frequently encountered in real-life scenarios.

The Speaker

Paul Zammit is a freelance technical accountant specialising in IFRS and Malta GAPSME, with a strong focus on financial reporting training and advisory services. He regularly delivers CPE sessions to accounting professionals and provides technical support to practitioners seeking to deepen their understanding of accounting standards and their practical application.

Paul has built his professional reputation on simplifying complex accounting requirements and presenting them in a clear, structured, and engaging manner. He works closely with accounting firms and finance teams on IFRS advisory, disclosure reviews, and technical problem-solving, particularly in areas requiring judgement and careful interpretation of the standards.

In addition to his technical work, Paul is actively involved in professional training and coaching, helping accountants build confidence in applying IFRS in practice rather than treating standards as purely theoretical material.