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ACCA F7 IAS 2 Inventories
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Hello sir what types of questions do we get on Inventories in group a/c?? Meaning in Adjustments??
Please, can i download the video lecture.
Stephen, the only way that we can keep this site free is to prevent the lecture videos from being downloadable
Sorry
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Hi Mike,
Im a bit confused about the last comment about Inventories belonging to the buyer or supplier. Is that scenario appropriate only at times of liquidation? Who is the eventual owner?
Many thanks
Rustam
Hi Rustam
Technically the inventory belongs to the supplier until the goods have been paid for. But substance over form …. so long as there is no question that the company may possibly not be a going concern, then we account for the inventory as though ownership has passed.
When there ARE going concern implications, then we need to think again about the Romalpa issue. Where the financial statements are being prepared on a break-up basis, then the appropriate inventory will be excluded
But it all depends on the wording of the contract!
Where is the chapter eleven lecture on investment in associates?
If it’s not on the site, then it doesn’t exist
Is it possibly at the end of the consolidated statement of profit or loss video?
Hi Mike,
How are you? I am bit worried about my preparation. As before was pretty sure that 1 question will come from comprehansive income, 1 question will come form construction contract, 1 from cash flow etc. But now as you know the question structure has been change, in this case how can i prepare myself base on question? and how can i prepare for multiple question as well? Many thanks.
Kind Regards
Arman
Please do not multiple post your questions – it only wastes my time and the time of the other tutors when you multiple post for their papers.
I have just answered this post on the Ask the tutor forum
If you want an answer from the tutor, restrict your posts to the Ask the Tutor page and we SHALL get back to you
If you post your question anywhere else, there is no guarantee that we shall see it
I am sorry sir, actually i couldnt realised where to put my question on, therefore it has been mutiple by mistake. sorry again.
Inventories should be valued at the lower of costs and net realisable value.
Is that means inventories can be valued at NRV if we believe that the inventories should not have a carrying value that exceeds the amount we expected to be realised from their sale?
Please reply me.
Thank you for you help.
Yes – that is true
thank you so much.
i think John answer is not appropriate,,,it will be recorded at NRV when not only the carrying value is less than expected from sales but also less than its original cost…may be carrying value which is less than expected sale proceeds is still greater than original cost, so in this case we will record it at cost…i apologies John, if i’m wrong!
IAS 2 says that inventory should be valued at the lower of cost and net realisable value.
So inventory can not be valued at more than NRV (which I think is what was being asked).
Dear Admin,
you are doing a great job by providing us with free valuable lectures but am unable to benefit from these lectures video takes much time to start at last when it do start then just after 2 3 mints busy sign appear on video 馃檨 this was not so couple of days back and my internet is doing well as i am able to see videos at FB and Youtube. IS it that you website is not responding due to over trafficking from all over? if so then please tell me the down period in a day from your web’s history trend so i can pass F7 馃檨 am totally relying on OT hope you will do something.
have the Best.
Try another browser and see if this help
not seeing these lectures
PLEASE, I WANT THE LECTURE VIDEO ON ASSOCIATES. ITS NOT AMONG THE LECTURE VIDEOS.
PLEASE DO WELL TO PROVIDE IT FOR US
i requested for the lecture video on ASSOCIATES but admin. of OpenTuition. u aint replying me.. dont you have the video of that topic? please reply me.. or post the video. thank you.
if it is not online then it does not exist..
the lecture stops midway. is it due to internet connectivity problem?
i’m afraid, it probably is
i like the presentation
thanks to team of this web site for video
Even after visiting the support team, the video can’t be seen on IAS 2
I cant see the videos
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i cannot see the video
@skabuleta, Please visit the support page: https://opentuition.com/support/
pls help, i can’t access the video. i keep getting an error msg too…something about “404 not found”
What are you using to access the lectures???