|
IFRSclass.comTM |
| U.S. GAAP Codification | IFRS International Standards | Accounting Standards, ASC |
|
International Accounting Standard (IAS) 2 |
| IFRS Accounting Topics |
| 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 |
|
IAS
2 Technical Notes |
| IAS 40 - IAS 41 |
|
IAS 40:
Investment property |
|
IAS
40 Technical Notes |
|
IAS 41:
Agriculture |
|
|