Accounting - Asset Valuation, Profit Measurement & The

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The following line items, as a minimum, are to be presented on the face of the statement of financial position: • • • • Assets: Property, plant and equipment; investment property; intangible assets; financial assets; investments accounted for using the equity method; biological assets; deferred tax assets; current tax assets; inventories; trade and other receivables; and cash and cash equivalents Equity: Issued capital and reserves attributable to equity holders of the parent; and noncontrolling interest Liabilities: Deferred tax liabilities; current tax liabilities; financial liabilities; provisions; and trade and other payables Assets and Liabilities Held for Sale: The total of assets classified as held for sale and assets included in disposal groups classified as held for sale; and liabilities included in disposal groups classified as held for sale in accordance with IFRS 5, Noncurrent Assets Held for Sale and Discontinued Operations.

95 Number of units Total value* ($) 500 1,000 1,000 3,200 750 4,500 750 3,000 2,500 2,375 Total 14,075 *At lower of cost or NRV. Example 4 Tropical Blooms LLC purchased 1,000 units of inventories for $100,000 and incurred freight charges of $10,000. During the year, the company sold 750 units at $150 per unit. At the end of the year, Tropical Blooms LLC had 250 units of inventories out of which 50 units were damaged. It is estimated that the damaged units can be sold at $25 per unit and the balance 200 units, at $150 per unit.

Reversals amounted to €5 million in 2008 and €4 million in 2007. Inventories were valued using the weighted-average cost method. Inventories (IAS 2) 33 BARLOWORLD Notes to the Consolidated Annual Financial Statements for the Year Ended September 30 9. Inventories In euros millions Raw materials and components Work-in-progress Finished goods Merchandise Consumable stores Other inventories Total inventories Per business segment: Continuing operations Equipment Automotive Handling Logistics Corporate and other Total continuing operations Discontinued operations Car rental—Scandinavia Cement Coatings Scientific Steel tube Total discontinued operations Total group Amounts classified as held for sale Total per balance sheet The value of inventories has been determined on the following bases: FIFO and specific identification Weighted average Inventory pledged as security for liabilities The secured liabilities are included under trade and other payables (note 18) Amount of write-down of inventory to net realizable value and losses of inventory Amount of reversals of inventory previously written down Amounts removed during the year from cash flow hedge reserve and included in the initial cost of inventory 2008 291 3,939 3,219 26 20 7,495 2007 116 321 2,740 2,647 17 28 5,869 2006 318 291 3,266 1,890 112 10 5,907 4,955 1,870 769 7 11 7,612 3,184 1,711 602 5 5 5,507 2,111 1,449 1,140 4 6 4,710 — — 362 231 — 593 3 224 498 472 330 1 527 7,612 (117) 7,495 6,100 (231) 5,869 6,237 (330) 5,907 7,081 414 7,495 5,394 475 5,869 5,206 701 5,907 170 29 86 13 5 5 1 12 2 (2) 2 (32) 5 STATEMENT OF CASH FLOWS (IAS 7) INTRODUCTION IAS 7 is one of the primary statements in financial reporting, along with the statement of financial position, the statement of comprehensive income, and the statement of changes in equity.

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