openerp-expert-accounting team mailing list archive

[Bojan Markovic <bmarkovic.79@xxxxxxxxx>]

Hi again.

I've actually found out that English language (and few others) IAS are 
actually freely downloadable from the IFRS page (http://www.ifrs.org) 
i.e. that the registration on the site doesn't require paid membership, 
in fact it doesn't even have email verification.

Here is the original English IAS-2, art.11 c/p verbatim:

   /The costs of purchase of inventories comprise the purchase price,
   import duties and other taxes (other than those subsequently
   recoverable by the entity from the taxing authorities), and
   transport, handling and other costs directly attributable to the
   acquisition of finished goods, materials and services. Trade
   discounts, rebates and other similar items are deducted in
   determining the costs of purchase.//
   /


Here is the download page:

http://www.ifrs.org/IFRSs/Pages/IAS.aspx 
<http://www.ifrs.org/IFRSs/Pages/IAS.aspx>

Regards,

On 20.01.2013 12:55, Eric Caudal wrote:
> I understand that the purchase price must include all costs (and 
> import duties or transport/forwarder fees should be considered in it ) 
> but I would say the VAT is not a cost as it has to be supported by the 
> final consumer.
> On 01/20/2013 06:41 PM, Bojan Markovic wrote:
> > While this would obviously greatly depend on legislature, 
> > International Accounting Standards and most legislatures I'm familiar 
> > with are such that warehouse stock (and therefore by extension 
> > average procurement price) is evidented that all the costs of 
> > procurement are included in stock price incl. transportation and 
> > customs costs and all taxes, apart from those that can be retrieved 
> > back (like sales tax and/or VAT). -- IAS 2 - article 11.
> >
> > I only have them in Croatian so the original English text might 
> > differ a bit.
> >
> > On 20.01.2013 10:47, Eric Caudal wrote:
> > > Hi,
> > > When we purchase a product price tax included, the average price is 
> > > calculated with taxes.
> > > It seems to me weird (cost price should never include taxes) but is 
> > > there any accounting expert to enlighten this topic?
> > > Best regards