essay on the background and the role of inventory in accounting, writing homework help

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Write a 3-5 page essay on the background and the role of inventory in accounting.

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The background and role of inventory in accounting
Thesis statement: Global bookkeeping standard No.2 (IAS2) "Stock" gives the principles which
ought to be taken after amid the recording and presentation of stock.
The background and role of inventory in accounting is explained chronologically:


Introduction



History



IAS 2 Cash Discounts



IAS 2 Consumption of inventories by administration associations



Target of IAS 2



Examination with US GAAP (stock

Conclusion: A case of a yearly report which demonstrates the use of IAS 2 stock is appeared in
the reference section. The report demonstrates the merged money related articulations for
Prestige Brands Holdings, Inc. which is a wholesaler and advertiser of brand name through the
counter medication, individual and family unit items which are sold through Canada, U.S.
furthermore, other worldwide markets.


The background and role of inventory in accounting
Introduction
Global bookkeeping standard No.2 (IAS2) "Stock" gives the principles which ought to be taken
after amid the recording and presentation of stock. Stock alludes to merchandise which are held
by a firm available to be purchased, are in the creation procedure or are materials which will be
devoured in the generation procedure or in giving out of administrations. This standard does not
make a difference to monetary instruments and it gives out a rule on the best way to quantify a
benefit which is classified as a stock, which idea constitute of the expense and at what time a
cost happens and the data that ought to be unveiled while setting up the budgetary explanations
(International Accounting Standards Board, 2008, p.977).
History
In the year 1974 amid the draft of standard, the name was changed to "inventories" from
"valuation and presentation of Inventories in the Context of the Historical Cost System" the
primary draft was influenced on first of January in the year 1995 and this was 21 years after the
main draft introduction. On eighteenth of December 2003, the standard was amended and
produced results as from the strart of January 2005. In the year 2003, there was an amended IAS
2 where...

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