Choose A Current International Accounting Standard (Ias) Or International Financial Reporting Standard (Ifrs). Briefly Summarise Its Provisions And Assess Whether The Standard Can Be Considered To Be ‘Principles-Based’ Or ‘Rules-Based’, E...

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Issue:

Business

 

Written by:

Richard L

 

Date added:

January 17, 2016

 

Level:

University

 

Grade:

A

 

No of pages / words:

4 / 1110

 

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2694 times

 

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It provides guidance not only for determining the cost of inventories and for subsequently recognising an expense, involving any write-down to net realisable value, but also on the cost formulas that are used to assign costs to inventories. The definition of Inventories in IAS 2 includes work in process (assets in the production process for sale in the ordinary course of business), finished goods (assets held for sale in the ordinary course of business) and raw materials (materials and supplies that are consumed in production)...
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[IAS 2.6] As the fundamental Principle of IAS 2, Inventories should be measured at the lower of cost and net realisable value (which is the estimated selling price in the ordinary course of business less the estimated costs of completion and the estimated costs necessary to make the sale). [IAS 2.9] The measurement of cost of inventories shall comprise all costs of purchase (including taxes, transport, and handling), costs of conversion (including fixed and variable manufacturing overheads) and other costs incurred in bringing the inventories to their present location and condition...
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