Page 15 - PowerPoint Presentation
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INVENTORIES
Other issues
• Standard costing (.21)
• May be used as costing method as long as it
approximates actual cost
• Standards must be regularly reviewed
• Large variances may indicate a need for review and
revision of standards
• Disclosure in P/L
• By nature - IAS 1.102
• Depreciation, staff costs, raw material used, changes in finished
goods and WIP
• By function - IAS 1.103
• Cost of sales, distribution, admin and other expenses
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