For manufacturers and retailers inventory is one of the most valuable assets on the balance sheet. The cost of inventory is one of the largest expenses on the income statement. Practitioners and members in industry will benefit from this training program’s comprehensive guidance on inventory accounting issues.
Why You Should Attend
The primary authoritative guidance related to inventory is FASB Accounting Standards Codification (ASC) 330, Inventory. The basic objective of inventory accounting is to identify, on a consistent basis, costs applicable to goods on hand at the end of the period and costs that should be included in the cost of goods sold for the period.
This webinar will explore the specific issues in meeting this objective include determining: (a) what items should be included in inventory; (b) what expenditures should be included in inventory costs; (c) which cost method should be used; and (d) how recognition should be given to the lack of recoverability of inventory costs.
Areas Covered in the Webinar
- Costs to include in inventory
- Inventory cost methods
- Inventory valuation
- LIFO reserve
- LIFO liquidation
- Dollar value LIFO
- Subsequent measurement issues
- Quantitative examples
Who Will Benefit
- Managerial Accountants
- Business Owners
- Chief Financial Officers
- Compliance Managers and Officers
- Risk Managers and Officers
- Retail Businesses Owners
- Lenders and Investors
- Finance Attorney
- Internal Control Professionals
- Operating Managers of Manufacturing Facilities
Candace Leuck, CPA, is the president of Athena Finance Group, where she specializes in strategic planning, distressed entity recovery, valuations, and educational programs. Before that, Ms. Leuck worked as a manager at Ernst & Young and taught courses at Clemson University’s School of Accountancy and Legal Studies, Furman University, and The University of North Carolina at Greensboro. Ms. Leuck earned her Master of Professional Accountancy (Audit Emphasis) from Clemson University.
"GAAP: Accounting for Inventory" - This course is approved by NASBA (National Association of State Boards of Accountancy). Attendees of Live Webinar are eligible for 1.8 CPE credit up on full completion of the course.