标题: inventory in temporal method [打印本页] 作者: noel 时间: 2011-7-13 15:43 标题: inventory in temporal method
for the evenly bought and sold inventory we will use weighted average cost of inventory
But am i correct in saying tht for FIFO we would use historical rate for COGS and current for inventory? And opposite for LIFO?
Thanks作者: neil1234 时间: 2011-7-13 15:43
Im sure about the historical rate for COGS for FIFO and weighted average cost for evenly bought and sold; however I'm not sure about LIFO...
We'd appreciate anyone's help..
Thanks for the question sumz作者: busterbluth 时间: 2011-7-13 15:43
thx bilal.
anyone else?作者: smuggycfa 时间: 2011-7-13 15:43
never saw current for inventory under temporal.作者: random_walker47 时间: 2011-7-13 15:43
Inventory, non-monetary asset, would be remeasured at the historical rate under all scenarios regardless of inventory accounting correct?作者: neil1234 时间: 2011-7-13 15:43
Thats my understanding Chuckrox8 but wording may indicate that the correct historical rate is the avg rate.作者: busterbluth 时间: 2011-7-13 15:43
stingreye Wrote:
-------------------------------------------------------
> Thats my understanding Chuckrox8 but wording may
> indicate that the correct historical rate is the
> avg rate.
Very true. I remember screwing up a vignette because I didn't read to use the Avg rate. The average rate makes much more since for Inv and COGS in my opinion. Nothing surprises me about IFRS anymore, it's all backwards.
Edited 1 time(s). Last edit at Tuesday, May 31, 2011 at 07:23PM by Chuckrox8.作者: BelalM 时间: 2011-7-13 15:43
I would use the same exchange rate for COGS and inventory: historical rate for temporal, average rate for current. Same logic applies to depreciation and PPE.作者: luda002 时间: 2011-7-13 15:43
madamesoleil Wrote:
-------------------------------------------------------
> I would use the same exchange rate for COGS and
> inventory: historical rate for temporal, average
> rate for current. Same logic applies to
> depreciation and PPE.
Not quite ...All B/S items under current use current rate, except common stock.作者: zephyranalyst 时间: 2011-7-13 15:43
under temproal, inventory is at historical cost, as stated before. If inventory is kept track at a weighted average value, then the historical cost becomes a weighted average value, and thus you are effectively using the avg rates instead of historical rate, althoguh techincally you are still using the historicla rate. Im pretty sure thats correct.
