Page 227 - F1 Integrated Workbook STUDENT 2018
P. 227
IAS 2, 8, 10, 34 and IFRS 8
IAS 2 Inventories
Inventories are assets that are:
held for sale
in the process of production
materials that will be used in the production process
IN ACCORDANCE WITH IAS 2 INVENTORIES INVENTORY
MUST BE VALUED AT LOWER OF COST OR NET
REALISABLE VALUE
Cost NRV
Cost of purchase, costs of Estimated selling price, less cost to
conversion and costs to bring completion and less costs to sell.
inventory to present location and
condition.
217
