INVESTIGATION OF STOCK IMPAIRMENT LOSSES IN ACCORDANCE WITH TAS 2 INVENTORIES

Yıl 2013, Cilt: 13 Sayı: 26, 207 - 230, 01.12.2013

Osman Tuğay

Öz

Stocks,creates the major part of the active in production management as well as
commerce management.For this reason, physical quantity of stocks as well as monetary
amount of stocks must be determined with their intrinsic value. Because to take place of
the stocks more or less than their real value in balance sheets will cause the incorrect
calculation of operating result.Therefore to take place of stocks with their real values in
balance sheets highly important for the people who are intersted in the manegement to
decide healthy. The aim of this essay demonstrate the similarities and differences the
impairment of stocks and cancellation of the impairment, evaluating in terms of existing
tax applications and TMS 2.
Management shold different types of stock according to their activity topic.
Especially in manufactiring jobs inventory items constitute major part of investments.
Therefore in large-scale manufactiring enterprises, inventory costs and to determine
activity situation accurately are very important with regard to determining activity results
of management accurately and reliably.
Today, economical developments and technological innovation sturned the
activities of managements from national dimension to international dimension.Therefore
diffrences in countries‟ accounting implementation makes comparing financial
information difficult, prevents capital movements and causes difficulties in international
company buying and selling process. For this reason, the different accounting and
financial reporting standarts in different countries need to be aligned with eachother.This
is only possible with internationally accepted accounting and financial reporting standarts.
The most important step to provide accurate and reliable information for the readers of the
financial statements and to eliminate the differences about this topic is certainly.The new
Turkish Commercial Code.
In this context witht he New Turkish Commercial Code accountin gapplications
in Turkey will be held according to the basis of Turkey Accounting Standarts, so for the
accurate calculation of the tax base, it is necessary to know the differences in applications
of Turkey Accounting Standartsand the Tax Procedure Law and this difference sshould be
handed correctly in the calculations of basis.
Valuation is the process of stating management‟s wealth with national currency.
According toTax procedure Lawcount 258 valuation is defined that “ It is the
determination of the economic values for the calculation of the taxbase.” Accordingto Tax
Procedure Lawcount 254 inventory valuation should be carried at cost. On the other hand,
how to evaluate the falling value of the commodity is regulated by the Law on Tax
Procedure and according to this embodiment valuation will be done with equivalent value
in the economic values of loss.
According toTurkey Accounting Standart 2 Inventories Standart, stock sare
valued with “ Lower of cos tor net realizble value.” Net realizable value is defined that it
is the amount inthe normal course of business obtained by reducing the estimated costs of
completion and selling expenses from the estimated selling price. According to this approach, in the valuation of inventories if the situation is that the net realizable value of
inventories is lower than the cost, inventories are measured at net realizable value, and
unrealized losses are taken into account in this process. However, in the situation of that if
the cost is greater than the net realizable value, unrealized gain sare not considered. In this
case, inventories are valued at cost.
AccordingtoTurkey Accounting Stadart 2 inventoriesshould be valuated with
low cost or low net realizable value, so inventory costs are to be reduced to their net
realizable values. This discount “Provision for inventory impairment” separated
performed. Reduction of the cost of inventories to net realzable value is compatible with
the principle of the valuation of inventories at the lower of costor net realizable value.
According toTurkey Accounting Standart 2 Inventories Standart the situations
of impairment of inventories can be listed as; inventories‟ being damaged, completely or
partially becoming unusable, sale prices‟ fall, the estimated costs of completion and the
estimated increase in sales.
Losses in thevalue of inventories owned by the entity may ocur forvarious
reasons. These losses may ocur in two different ways; monetary or physical value of
inventories. In Tax Procedures Law provisions for impairment of inventories are arranged
in two separate counts. How the reductions in the monetary value of the commodity will
be taken into account is located in the count 274 of the Tax Procedure Law and the
provisions relating to reductions in the value of the physical is located in the same law and
count 278.
When the result in the reduction of the cost of inventory to net realizable value
before the conditions become invalid, the Money allocated for impairment of inventories
is canceled. When the decreasing value of inventories are sold the carrying value of these
stocks are recognized as an expense in the period in which the related revenue in the
financial statements. Losses on inventories and the amount of provision for diminution in
value of inventories reducing the net realizable value of inventories are recognized an an
expense in the period in which demotion and loss ocur. Canceled due to the increase in
net realizable value amount of the provision for impairment of inventories will recognized
as reducing the cost of sales in the period of cancellation.

Anahtar Kelimeler

Stock , The Ġmpairment of Stocks , TMS 2

STOK DEĞER DÜŞÜKLÜKLERİNİN TMS 2 STOKLAR STANDARDINA GÖRE İNCELENMESİ

Öz

Stoklar gerek üretim işletmeleri ve gerekse ticaret işletmelerinde, aktiflerinin önemli bir kısmını oluşturmaktadır. Bu nedenle stokların hem fiziki miktarlarının hem de parasal tutarlarının gerçek değerleri ile belirlenmesi gerekir. Çünkü stokların olduğundan daha fazla veya daha az bir değerle bilançoda yer alması, işletme faaliyet sonuçlarının yanlış hesaplanmasına neden olacaktır. Bu nedenle stokların gerçek değerleriyle bilançoda yer alması işletmeye ilgi duyanların sağlıklı karar verebilmeleri açısından da oldukça önemlidir. Bu makalenin amacı, stoklarda değer düşüklüğü ve stok değer düşüklüğünün iptalini, TMS 2 ve mevcut vergi uygulamaları açısından değerlendirerek, benzerlik ve farklılıklarını ortaya koymaktır.

Anahtar Kelimeler

Stok , Stok Değer Düşüklüğü , TMS 2