Assessment and recognition of stocks in accounting according to international standard of financial report IAS 2 – stocks

Abstract

In life accounts of an enterprise stocks represent a very important topic in the light of their cost reflected in the profit and loss account on the one hand, and the value of assets shown in the balance sheet on the other hand. In practice are met two categories of enterprises for which stock accounting are very important. The first category is represented by commodities traders, who have typically a single class of stock: goods. In this case the trader buys stocks for the purpose of resale. The second category is the producers of goods, which usually meet three categories of stocks: the raw materials, progress production and finished products. It is obviously that the assimilation process of accountancy standards culture will have repercussions on medium and short term over the management controlling system, and over the informational system, in forthwith time. The informational system, understood as an assembly of technical means and human resources, of methodologies and procedures, of data collected and finally of information, which will have to be proper with a view to draw up a balance in accordance to the new accountancy rules. These changes will be especially of technical -accountancy nature and will foresee: the accounts plan, the connections between different drawing up and collecting of data systems, the financial reports and the disclosure and reclassifying procedures.