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Measurement of inventories
Cost should include all: [IAS 2.10]
costs of purchase (including taxes, transport, and handling) net of trade discounts received costs of conversion (including fixed and variable manufacturing overheads) and other costs incurred in bringing the inventories to their present location and condition
In a real time how do we show this to auditors. As we bought items from mother company and we dont have such information.
You show the auditors how much it cost you to buy from the mother company! Show them the invoice!
What’s the problem?
We showed the invoice. But they want the breakdown of it. Which is difficult. The asset bought with mother company we only have the po and invoice
Then get the auditors to communicate with the mother company
Or get the mother company to communicate with the auditors
Or get the mother company to communicate with the mother company auditors and get them to communicate with the component auditors (your company’s auditors)
Whatever, it’s the mother company’s problem if they won’t give you detailed information
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