IAS2 Inventories Essay Example | Topics and Well Written Essays - 1250 words

IAS2 Inventories - Essay Example The main objective of IASB for IAS2 was to reduce the alternatives in the measurement of inventories. The revised IAS2 does not allow the consideration of the exchange differences, arising from the purchase of inventories that are invoiced in the overseas currency, to be treated as a part of inventories purchase cost (Malaysian Accounting Standards Board, n.d.). As per IAS2 the inventories are measured at cost or realizable value whichever is lower, based on every item. The inventory costs is the sum total of the purchase cost like cost price, import duties, handling as well as transportation costs; after the adjustments of rebates and trade discounts, conversion costs and other costs that are incurred for transporting the inventories to the current location and form. But this excludes the storage costs, costs relating to abnormal wastage; and selling and administration. Inventories costs can be approximated using the standard cost method or retail inventory method. The cost of inventories relating to items that are usually interchangeable and also goods or services that are produced and set aside for other projects can be assigned costs on the basis of specific identification. The inventories are valued using the first-in-first-out (FIFO) method or the weighted average method. In FIFO the items in the inventory are measured on the basis of recent purchase. Net realizable value is the amount that the business expects to receive from the inventory sale in the due course of the business. In the Balance Sheet an entity reports the lower of the net realizable value and cost as an asset. This is shown below- After the sale of inventories, the carrying amount of the related inventories is recognized as expenditure in the statement of income in the time period when the revenue from it is recognized. In the event of a fall in the net realizable

The UN has failed in its central role, the maintenance of Essay - 1

The UN has failed in its central role, the maintenance of international peace and security. what is the role of the UN in world affairs and what it future prospects - Essay Example This position is nominated by Security Council and elected by General assembly. The person in this position cannot be a citizen of any member states that are permanent. The secretary general is always from an average power and never had prior fame, always high powered people are selected for the post but are disallowed for several reasons (Gallup 2004) By the early 1960s the former president of USSR, Nikita, tried to abolish the secretary general’s position. Nikita felt that this position favored the Western powers as the number of member states that are permanent surpassed the communists. To replace this position he suggested a three member board to be appointed. The panel would be a representation of western power, non-aligned and communists’ states. The proposal was neglected as non-member states were never for the proposal. Since the start of this organization several UN secretaries have been spotted for their engagement in the affair of the world. Carl Hammarskjold was selected as the secretary general in the year 1953. In this position, he ruled for 8 years until he met his death in a plane crash. Carl was a son to a former prime minister of Sweden Hjalmar Hammarskjold. Before he joined this organization UN, he held several jobs that were ranked middle in the government of Sweden. He was chosen to be the UN sec retary general in 1953 (Altschiller 1993) Hammarskjold’s greatest challenge came when the republic of Congo was created. With this part of the region achieving freedom from the French colonialists, the native tribes were very volatile. There was a power vacuum created making the state vulnerable to civil war. Hammarskjold supervised the process of election following an appeal from UN state assistance. There was a quick war break out and people felt that the UN had failed. The Soviet Union stated that the efforts of UN were insignificant and instantly asked for Hammarskjold’s