Here is International Accounting Standard 2, which defines inventories as assets which are: (a) held for sale in the ordinary course of business, (b) in the process of production for such sale, (c) in the form of materials or supplies to be consumed in the production process or rendering of services..

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What can you find in this Video :

What is Inventories (00:40)
Introduction (05:42)
Measurement of Inventories (07:50)
Examples

About International Financial Reporting Standards ( (IFRS) :

International Financial Reporting Standards (IFRS) are accounting standards and principles set by the International Accounting Standard Board (IASB) and are becoming the global standard for the preparation of financial statements. Most countries are converging their standards towards IFRS or adopting IFRS as they are, to enable uniform reporting. India, as a step closer to convergence with IFRS, has adopted Ind-AS.

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Why International Financial Reporting Standard?

Multiple Profiles:
Various IFRS profiles are being offered in several sectors of the industry that include ITES, software, pharmaceutical, auto spare part, professional advisory companies, auditing firms, banking industry, Insurance industry, KPOs, etc.
Work across the globe
Practical knowledge of these universal standards will open doors across the globe as more than 100 countries have given a green signal in their accounting boundaries.
Establish your consultancy firm
Skilled and experienced IFRS experts can establish their own consultancies to help companies migrate to IFRS
Become a part of a growing profession
Continuous amendments in these standards by regulators is creating a need for IFRS professionals with a thorough understanding of these standards

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We recommend this IFRS training course for the following professionals in particular:

1. Any Graduate: Commerce graduates with 2 years of experience in the Finance and Accounts department and Graduates from any other field with 3 years of experience in the Finance and Accounts department are eligible
2. Industry Professional: Chartered Accountants
3. Accounting Professionals: Stay updated and continues to grow. Young CAs / IPCC candidates are already enrolling in large numbers.
4. Qualified Professionals: on Accounting professional like MBAs, CSs, CFAs, CFPs can add depth to their understanding of accounting practices and differentiate themselves.

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IMS Proschool is an initiative of IMS learning Resources Pvt. Ltd. Our organization is engaged in providing training and mentoring students from past 35 years. IMS Proschool offers Certifications and training programs in Business Analysis, Data Science, Financial Modeling, Chartered Financial Analyst, Chartered Institute of Management Accounts, Investment Banking & capital Markets, Digital Marketing, Financial Services.

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