Page 30 - 5.1 (b) i. Finac1 ITC Summarised Notes

ITC EXAM PREP

Measurement

Other Issues

• Standard costing (.21)

• May be used as costing method as long as it approximates actual cost
• Standards must be regularly reviewed

• Large variances may indicate a need for review and revision of standards

• Disclosure in P/L

• By nature - IAS 1.102
• Depreciation, staff costs, raw material used, changes in finished

goods and WIP

• By function - IAS 1.103
• Cost of sales, distribution, admin and other expenses

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