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Consignment inventory

#1 User is offline   bgau Icon

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Posted 02 February 2009 - 08:24 PM

What is the proper way for a consignee to record inventory they are holding on consignment? On the balance sheet as an offsetting asset and liability or should it be tracked seperately off the balance sheet?
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#2 User is offline   Gordon Wiber Icon

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Posted 02 February 2009 - 09:04 PM

since its not a corporate asset, think i would net it off the FS, depending on your engagement you may wish to disclose amount of consignment inventory held, whether its secured and any guarantees the company may be liable for.
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