IAS 2 Inventories replaced IAS 2 Valuation and Presentation of International Accounting Standard 2 Inventories (IAS 2) is set out in paragraphs 1–42 and. IAS 2 Inventories. The objective of this Standard is to prescribe the accounting treatment for inventories. A primary issue in accounting for inventories is the. PDF | The International Accounting Standards Board issued the revised version of the International Accounting Standard 2, Inventories. This article presents a.
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IAS 2 sets out the accounting treatment for inventories, including the determination of cost, the biological assets arising from agricultural activity (IAS 41). IAS 2 provides guidance for determining the cost of inventories and the subsequent recognition of the cost as an expense, including any write-down to net. IAS 2 contains the requirements on how to account for most types of inventory. The standard requires inventories to be measured at the lower of cost and net.
The objective of IAS 2 is to prescribe the accounting treatment for inventories. The full functionality of our site is not supported on your browser version, or you may have 'compatibility mode' selected. Login or Register Deloitte User? Please see www. When such inventories are measured at net realisable value, changes in that value are recognised in profit or loss in the period of the change commodity brokers and dealers who measure their inventories at fair value less costs to sell. DTTL also referred to as "Deloitte Global" and each of its member firms are legally separate and independent entities. Accordingly, as an alternative to disclosing cost of goods sold expense, IAS 2 allows an entity to disclose operating costs recognised during the period by nature of the cost raw materials and consumables, labour costs, other operating costs and the amount of the net change in inventories for the period.