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Section 3031 - Inventories

Effective date:

January 1, 2011

Published by the AcSB:

December 2009

Overview

This Section prescribes the accounting treatment for inventories. A primary issue in accounting for inventories is the amount of cost to be recognized as an asset and carried forward until the related revenues are recognized. This Section provides guidance on the determination of cost and its subsequent recognition as an expense, including any write-down to net realizable value. It also provides guidance on the cost formulas that are used to assign costs to inventories.

History of Section 3031

Date

Development

Comments

December 2009

Part II of the CPA Handbook  issued

Effective for fiscal years beginning on or after January 1, 2011.

Note: The above summary does not include details of consequential amendments made as the result of other projects.

 

Private Enterprise Advisory Committee Meeting Notes

  • October 6, 2015 - Inventory: Disclosure of Write-down or Reversal of a Previously Recognized Write-down

Correction list for hyphenation

These words serve as exceptions. Once entered, they are only hyphenated at the specified hyphenation points. Each word should be on a separate line.