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This client screen is used for Limited companies.
It can be found in:
Edit | Data Screens | Notes to Financial Statements | Accounting policies | Alternative Accounting Policies | Stocks
There are four choices for the stock accounting policy: use the standard; add to the standard; replace the standard or omit the policy.
If the field re. Stocks on the Selection of Accounting Policies screen is:
ticked and entries made on this screen, text typed here will be used in the notes either added to or instead if the standard policy, depending on whether a tick is in the replace box. The heading can also be amended or replaced.
Left blank, the policy will be omitted.
There are alternative wordings depending on whether there are postings to work in progress and long term contracts in the balance sheet:
Stock and work in progress are valued at the lower of cost and net realisable value, after making due allowance for obsolete and slow moving items. Cost includes all direct expenditure and an appropriate proportion of fixed and variable overheads.
Work in progress is valued at the lower of cost and net realisable value. Cost includes all direct expenditure and an appropriate proportion of fixed and variable overheads.
Stock is valued at the lower of cost and net realisable value, after making due allowance for obsolete and slow moving items.
Long term contracts are stated at net cost less foreseeable losses less any applicable payments on account. The amount recorded as Turnover in respect of long term contracts is ascertained by reference to the value of the work carried out to date. Attributable profit is recognised as the difference between recorded Turnover and related costs.
Text typed here will be used in the either added to or instead of the standard policy, depending on whether a tick is in the replace box.
This policy will only be generated if postings have been made to accounts:
Click here to see information about generating a table within the notes.
Use this option to view or print any report without leaving this screen.
IRIS will return to the Stock policy screen when you exit the report option.
To view the notes only enter NOT in the Report/Document field.