COMPILATION DETAILSCOMPILATION DETAILS

##### Obtaining a Copy of this Auditing Standard The most recently compiled versions of Auditing Standards, original Standards and amending Standards (see Compilation Details) are available on the AUASB website: www.auasb.gov.au ##### Contact Details | Auditing and Assurance Standards BoardPhone: (03) 8080 7400E-mail: enquiries@auasb.gov.auPostal Address:PO Box 204Collins Street WestMelbourne Victoria 8007AUSTRALIA | | --------------------------------------------------------------------------------------------------------------------------------------------------------------------- | ##### COPYRIGHT © 2023 Commonwealth of Australia. The text, graphics and layout of this Auditing Standard are protected by Australian copyright law and the comparable law of other countries. 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This Auditing Standard reproduces substantial parts of the corresponding International Standard on Auditing issued by the International Auditing and Assurance Standards Board (IAASB) and published by the International Federation of Accountants (IFAC), in the manner described in the statement on Conformity with International Standards on Auditing. The AUASB acknowledges that IFAC is the owner of copyright in the International Standard on Auditing incorporated in this Auditing Standard throughout the world. All existing rights in this material are reserved outside Australia. Reproduction outside Australia in unaltered form (retaining this notice) is permitted for personal and non-commercial use only. Further information and requests for authorisation to reproduce this Auditing Standard for commercial purposes outside Australia should be addressed to the Technical Director, Auditing and Assurance Standards Board, PO Box 204, Collins Street West, Melbourne, Victoria 8007 or sent to [enquiries@auasb.gov.au](mailto:enquiries@auasb.gov.au). Any decision to approve a request may also require the agreement of IFAC. ISSN 1833-4393 # CONTENTS COMPILATION DETAILS AUTHORITY STATEMENT CONFORMITY WITH INTERNATIONAL STANDARDS ON AUDITING Paragraphs Application......................................................Aus 0.1-Aus 0.2 Operative Date.........................................................Aus 0.3 Introduction Scope of this Auditing Standard..................................................1 Effective Date...............................................................2 Objective..................................................................3 Requirements Inventory.................................................................4-8 Litigation and Claims........................................................9-12 Segment Information.........................................................13 Application and Other Explanatory Material Inventory..............................................................A1-A16 Litigation and Claims....................................................A17-A25 Segment Information....................................................A26-A27 # COMPILATION DETAILS ### Auditing Standard ASA 501 Audit Evidence—Specific Considerations for Inventory and Segment Information (as Amended) This compilation takes into account amendments made up to and including 27 April 2022 and was prepared on 1 March 2023 by the Auditing and Assurance Standards Board (AUASB). This compilation is not a separate Auditing Standard made by the AUASB. Instead, it is a representation of ASA 501 (October 2009) as amended by other Auditing Standards which are listed in the Table below. ##### Table of Standards | Standard | Date made | Operative Date | | -------------- | --------------- | ---------------------------------------------------------------------- | | ASA 501 [A] | 27 October 2009 | Financial reporting periods commencing on or after 1 January 2010 | | ASA 2011-1 [B] | 27 June 2011 | Financial reporting periods commencing on or after 1 July 2011 | | ASA 2020-1 [C] | 3 March 2020 | Financial reporting periods commencing on or after 15 December 2021[*] | | ASA 2022-1 [D] | 27 April 2022 | Financial reporting periods commencing on or after 15 December 2023 | Legislation History | Standard | Registration Number | Registration Date | Commencement Date | | ---------- | ------------------- | ----------------- | ----------------- | | ASA 501 | F2009L04085 | 16 November 2009 | 17 November 2009 | | ASA 2011‑1 | F2011L01379 | 30 June 2011 | 1 July 2011 | | ASA 2020-1 | F2020L00252 | 13 March 2020 | 14 December 2021 | | ASA 2022-1 | F2022L00712 | 19 May 2022 | 14 December 2023 | ##### Table of Amendments | Paragraph affected | How affected | By … [paragraph] | | ------------------ | ------------ | ---------------- | | Aus 0.1(a) | Amended | ASA 2011-1 [34] | | A4 | Amended | ASA 2020-1 [129] | | A3 | Amended | ASA 2022-1 [33] | | A3Footnote 4 | Deleted | ASA 2022-1 [33] | ## AUTHORITY STATEMENT Auditing Standard ASA 501 Audit Evidence—Specific Considerations for Inventory and Segment Information (as amended to 27 April 2022) is set out in paragraphs Aus 0.1 to A27. This Auditing Standard is to be read in conjunction with ASA 101 Preamble to AUASB Standards, which sets out how AUASB Standards are to be understood, interpreted and applied. This Auditing Standard is to be read also in conjunction with ASA 200 Overall Objectives of the Independent Auditor and the Conduct of an Audit in Accordance with Australian Auditing Standards. ##### Conformity with International Standards on Auditing This Auditing Standard conforms with the Inventory and Segment Information sections (paragraphs 1-8, 13, A1-A16 and A26-A27) of International Standard on Auditing ISA 501 Audit Evidence—Specific Considerations for Selected Items, issued by the International Auditing and Assurance Standards Board (IAASB), an independent standard-setting board of the International Federation of Accountants (IFAC). The other paragraphs of ISA 501 relating to Litigation and Claims (paragraphs 9-12 and A17-A25) are incorporated into ASA 502 Audit Evidence—Specific Considerations for Litigation and Claims. The AUASB has decided to continue to issue ASA 502 as a separate Auditing Standard, in the same way that the previous standard, ASA 508 Enquiry Regarding Litigation and Claims (April 2006), is a separate standard. ASA 508 contains requirements and guidance that the AUASB considers important to carry forward in the Australian Auditing Standards, and as a result, the revised standard is better suited to presentation as a separate standard. This Auditing Standard, ASA 501, contains all the requirements and guidance contained in ISA 501 relating to Inventory and Segment Information. Paragraphs that have been added to this Auditing Standard (and do not appear in the text of the equivalent ISA) are identified with the prefix “Aus”. Compliance with this Auditing Standard, in conjunction with ASA 502, enables compliance with ISA 501.