Concepts




Inventories


Current assets refer to commodities intended for assignment or consumption as such or after further processing. Current assets are divided into materials and supplies, work in progress, finished goods, other current assets and advance payments.

Materials and supplies refer to the commodities which have been acquired for the purpose of manufacturing current assets by a party obliged to keep books and engaged in manufacturing or service provision. These commodities include the raw materials and materials and auxiliary substances used in the production of goods or services.

Work in progress refers to commodities intended for sale or for use in service production, whose manufacturing process is not finished at the time of the closing of the accounts (semi-finished goods).

Finished goods refer to self manufactured commodities that can be assigned, sold or used in service production. Goods refer to commodities from external suppliers that are intended for sale or for use in service production as they are.

Other current assets refer to commodities bought or manufactured for the purpose of selling them as such or after further processing which are not included in the above mentioned current assets items. Other current assets may include, among others, lots or other property intended for sale which have been transferred from fixed assets to current assets.

Advance payments refer to purchase prices or parts thereof paid to the supplier of current assets commodities before receiving the commodities.



Validity of the definition

  • Valid until (31 December 2078)

Source organisation

  • Tilastokeskus

Jaa