International Accounting Standard 2, Inventories, IFRS

International Accounting Standards (IAS)
International Financial Reporting Standards (IFRS)

U.S. GAAP

IFRS, IAS

Accounting Topics

International Accounting Standard (IAS) 2
Inventories

International Financial Reporting Standards (IFRS)

International Accounting Standards (IAS)

IFRS Dictionary, IFRS, IAS Timeline, IFRS Hedge Accounting

U.S. GAAP by Topic, IFRS, IAS by Topic, Accounting by Topic

International Accounting Standard (IAS) 2

IAS 2

Inventories

Issued in December 1993: replaced October 1975 version of IAS 2

Recent amendment: by IFRS 8 issued in November 2006

Cost formula
      (1) LIFO (Last-in, First-out) is not allowed.
      (2) FIFO (First-in, First-out) is allowed.
      (3) Weighted average method is allowed.

Inventories are measured at the lower of (1) and (2)
(1) Cost
(2) Net realisable value

Net realisable value is:
      (1) net amount expected to realise
      (2) from selling inventories
      (3) during ordinary course of business

Net realisable value is entity-specific.

Cost of inventories
      (1) costs of purchase
      (2) costs of conversion
      (3) other costs

Costs not included in the cost of inventories
      (1) abnormal waste
      (2) storage costs
      (3) administrative overheads
      (4) selling costs

U.S. GAAP by Topic

Accounting Topics

Inventory Valuation Methods

Depreciation Methods

Revenue Recognition Principle

Accrual Basis vs. Cash Basis Accounting

Basics of Journal Entries

Ratios for Financial Statement Analysis

Overview of Financial Statements

	Wiley IFRS 2008: Interpretation and Application of International Accounting and Financial Reporting Standards 2008 by Barry J. Epstein and Eva K. Jermakowicz (Paperback - Mar 28, 2008) Paperback Edition Book & CD-Rom Edition
	Wiley GAAP 2008: Interpretation and Application of Generally Accepted Accounting Principles 2008 Paperback Edition Book & CD-Rom Edition
	Wiley CPA Exam Review 2008: 4 Volume Set 4 Volume Set