IAS 37 – Provisions, Contingent Liabilities & Contingent Assets IAS 2 - Inventories

IAS 37 outlines the accounting for provisions (liabilities of uncertain timing or amount), together with contingent assets (possible assets) and contingent liabilities (possible obligations and present obligations that are not probable or not reliably measurable). Provisions are measured at the best estimate of the expenditure required to settle the present obligation, and reflects the present value of expenditures required to settle the obligation where the time value of money is material.

IAS 2 Inventories contains the requirements on how to account for most types of inventory. It prescribes the measurement at the lower of cost and net realisable value and outlines acceptable methods of determining cost, including specific identification, first-in first-out (FIFO) and weighted average cost.

During this session we shall be exploring these two IFRS standards and providing practical examples throughout.

The Speaker

Georges Xuereb provides IFRS and GAPSME advice and delivers accounting topic papers to his clients on complex technical accounting matters. He also assists clients operating in diverse industries in the preparation of their separate and consolidated financial statements in accordance with IFRS or GAPSME. His area of focus in these diverse industries includes consolidations and business combinations and implementation of recently issued IFRSs. Georges also implements Excel-based consolidation tools to large groups to improve their consolidation reporting process, with a focus on quality and complex accounting requirements and reducing reporting timeframes. Georges delivers technical training and presentations on IFRS matters both internally to his colleagues and to his clients, and delivered lectures on the Financial Reporting and Strategic Business Reporting modules to students as part of their studies in fulfilment of the ACCA qualification.