IFRS Module 4 InventoriesCode: 16-IFRS4
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Module 4 of the IFRS Learning Module series presents an overview of IAS 2 Inventories, the
accounting standard for classifying and measuring inventories in IFRS financial statements. This
module also discusses the IASB’s and FASB’s efforts towards achieving convergence in this area
of financial reporting.
After completing this course, participants should be able to:
• Identify major classifications of inventory.
• Distinguish between perpetual and periodic inventory systems.
• Describe the items to include as inventory cost.
• Describe and compare the formulas used to measure inventories in IFRS financial
• Explain when reporting entities measure inventories at net realizable value in IFRS
Presentation Method: QAS Self-Study
CPE credit: 2 Hours
Program Level: Intermediate
Prerequisites: General understanding of GAAP and Accounting.
Advance Preparation: None
Exam expiration date: Participants must submit exams for grading within one year from the date of purchase.
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