Mastering the Basics of Inventory Accounting
OL1514 | On Demand Course | Update | Self-Study
Description
While many entities maintain inventory, they are often challenged when applying the complexities of inventory accounting. The goal of this course is to provide a detailed overview of inventory accounting concepts that can be applied to a variety of inventory types.
The course will cover the basics of inventory capitalization, for both book and tax, as well as the basic inventory valuation methods, LIFO, FIFO, weighted average, and specific identification. Then the course will give a more detailed review of the LIFO and retail methodologies. It will cover the topics of inventory obsolescence reserves and other issues related to inventory accounting, including a discussion of how COVID-19 has impacted these accounting considerations.
This course will be the one-shop stop to get you up-to-speed on the accounting for this critical, revenue-producing asset.
Credits
| Number of Credits | Type of Credits |
|---|---|
| 4.00 | Accounting |
Designed For
Accounting and auditing practitioners at all levels desiring to develop a detailed understanding of inventory accounting
Prerequisites
Experience in accounting and attestation
Highlights
- Elements of inventory cost and full-absorption costing
- Valuation methodologies, including LIFO, FIFO, weighted average, and specific identification
- Obsolescence reserves
- LIFO accounting
- Differences between book and tax cost capitalization and related income tax accounting
- Retail inventory valuation methodology
- Physical inventory observation approaches
- Accounting issues related to consigned inventory
- Other challenging issues related to inventory accounting
Objectives
- Recall the elements of inventory cost for book and income tax accounting purposes
- Apply inventory valuation methodologies to various types of inventory
- Determine reserve methodologies for inventory obsolescence
- Determine appropriate inventory observation approaches
- Recall issues related to consignment inventory
Notes
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Prices
- Member (Early Bird)
- $159.00
- Non-Member (Early Bird)
- $219.00
- Member
- $159.00
- Non-Member
- $219.00
Instructors
Samuel Monastra, CPA
Samuel A. Monastra is a career public accountant. As a client-facing professional, Mr. Monastra has excellent experience working with publicly held companies and large privately held companies. Industry focus includes: healthcare; life sciences and technology; manufacturing and distribution; and real estate and construction. Sam has held executive level positions with "Big Four" and Top 10 international accounting firms, including KPMG, RSM, and BDO.
Sam served as a member of the Editorial Board of the Pennsylvania CPA Journal and is a frequent speaker for a variety of national organizations including state CPA societies, the Institute of Internal Auditors, and the Institute of Management Accountants. Principal speaking topics include: revenue recognition, lease accounting, income tax accounting, business combinations, Fair Value, and financial reporting issues impacted by the IASB/FASB Convergence Project.
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