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Inventory: Back to Basics   

1

Total CPE
Tuition
$60.00
Approximate Length
01:00:00
Course Number
21-WB-122-WC
1

Total CPE
Tuition
$60.00
Approximate Length
01:00:00
Course Number
21-WB-122-WC

Course Details

In this course, KPMG professionals provide a refresh on inventory accounting, including measurement considerations for FIFO, LIFO, average cost and retail inventory methods. Topics include:

  • scope and recognition
  • initial measurement
  • subsequent measurement
  • presentation and disclosure.

By the end of this course, participants should be able to:

  • recall accounting principles for the initial recognition and measurement of inventory
  • recognize how to apply the different impairment testing methods and principles
  • recall disclosure requirements for public and private entities.

Note: This course is based on a live webcast that took place on December 1, 2021.

Keywords: Inventory, Average Cost, FIFO, LIFO, RIM, Retail Inventory Method, Impairment, ASC 330

Other Details

Special Notice/Instruction: CPE credits will be awarded upon successful completion of the content and passing the exam with a grade of 70 or higher. In accordance with NASBA requirements, you must complete and pass the exam within one year of your enrollment in the program.

NASBA Delivery Type: Self-Study

Advance Preparation: There is no advance preparation for this course.

Pre-Requisites: There are no pre-requisites for this course.

This course is mobile-compatible.


Level of Knowledge: Basic
Field of Study: Accounting – 1
Delivery Method: Web Based Self Study

In this course, KPMG professionals provide a refresh on inventory accounting, including measurement considerations for FIFO, LIFO, average cost and retail inventory methods. Topics include:

  • scope and recognition
  • initial measurement
  • subsequent measurement
  • presentation and disclosure.

By the end of this course, participants should be able to:

  • recall accounting principles for the initial recognition and measurement of inventory
  • recognize how to apply the different impairment testing methods and principles
  • recall disclosure requirements for public and private entities.

Note: This course is based on a live webcast that took place on December 1, 2021.

Keywords: Inventory, Average Cost, FIFO, LIFO, RIM, Retail Inventory Method, Impairment, ASC 330

Special Notice/Instruction: CPE credits will be awarded upon successful completion of the content and passing the exam with a grade of 70 or higher. In accordance with NASBA requirements, you must complete and pass the exam within one year of your enrollment in the program.

NASBA Delivery Type: Self-Study

Advance Preparation: There is no advance preparation for this course.

Pre-Requisites: There are no pre-requisites for this course.

This course is mobile-compatible.


Level of Knowledge: Basic
Field of Study: Accounting – 1
Delivery Method: Web Based Self Study
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