Live Stream: Mastering the Basics of Inventory Accounting

157  |  Livestream  |  Basic  |  Scheduled

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

Prices

Member (Early Bird)
$179.00
Non-Member (Early Bird)
$229.00
Member
$179.00
Non-Member
$229.00
Your Price: $229.00

This is your base price and does not reflect any additional session fees, optional add-ons, or guest registrations.

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Instructors

Kenneth Levine

Ken spent his 40+-year career in public accounting, including the last five years as an Assurance Partner with BDO USA, LLP, following the merger of SS&G, Inc., a large regional firm, with BDO in 2015. Prior to joining SS&G, Inc. in 2001, Ken was a partner with a large local firm and a Senior Manager with Ernst & Young. Ken’s experience includes providing assurance, tax, and business consulting services to privately owned businesses. His industry experience includes manufacturing and distribution; technology-based businesses; service businesses; private equity and venture capital funds; and audits of employee benefit plans, including plans requiring SEC Form 11-K filings. Ken is a magna cum laude graduate of Miami (Ohio) University with a BS in Business and a major in Accountancy. Ken passed the May 1978 CPA exam with the highest score in the State of Ohio and one of the top 50 scores in the United States. Ken is also a board member and treasurer of several not-for-profit organizations.

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