Title: Eric CAUDAL
Currently our taxes are included in
price for the calculation in PO but VAT should not be included in
cost/.
I would vote to add a check box in the tax definition: "Included
in cost" and depending on this check box it would take it or not
into consideration.
Any other feedback?
Eric Caudal
CEO
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On 01/21/2013 03:43 AM, Bojan Markovic wrote:
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
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
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