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If you're thinking about a career in financial accounting, there's never been a better time than now. Here's a few tips from us for anyone planning to get into financial accounting in the near future. 1) Be willing to learn Accounting standards are constantly changing, and companies look...

Under IAS 2 inventory should be valued at the lower of Cost & Net Realisable value Cost = all expenditure incurred in bringing the product to its present location and condition. This includes costs such as transport, import duties, production overheads etc. It excludes things like...

When a subsidiary is disposed of, and the results were translated using the closing rate method, the cumulative exchange difference which has been taken to reserves (because they were unrealised) becomes realised. Under IAS 21, this foreign exchange reserve may be transferred to the income statement on...