Where can I get a good summary of the IFRS rules governing 'Consignment Stock'?
I have the general idea re. ownership only passing when stock is issued but need more technical information on the decision of who actually owns the stock, holds risk and reward etc.
I would expect that the accounting treatment for both the buyer and seller needs to be considered to ensure consistency (If seller records a sale then buyer must record inventory and liability).
I have the general idea re. ownership only passing when stock is issued but need more technical information on the decision of who actually owns the stock, holds risk and reward etc.
I would expect that the accounting treatment for both the buyer and seller needs to be considered to ensure consistency (If seller records a sale then buyer must record inventory and liability).