UKAS Module 2- Accounting Standards Dealing with Assets

• Identify the accounting treatment of inventories under IAS 2, including what is included (and excluded) in the cost of inventories.
• Identify how inventories are valued and the various inventory valuation methods permitted under IAS 2.
• Understand how to determine the cost of property, plant and equipment under IAS 16.
• Identify the criteria in terms of subsequent costs and whether they are capitalised or expensed.
• Understand the rules for the revaluation of properly, plant and equipment from cost to fair value in accordance with IAS 16.
• Understand the three depreciation methods permitted under IAS 16.
• Understand the definition of an intangible asset under IAS 38 and the recognition and measurement rule for identifiable intangible assets.

This module is designed for accountants who are involved in reporting, particularly in the application of accounting standards. It is beneficial to financial accountants in both public practice or private companies wishing to increase or refresh their knowledge of current reporting standards.