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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 standards15
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• Disclosure in P/L 15
• 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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