IAS 2- INVENTORIES – ALL YOU NEED TO KNOW.
IAS 2 (inventories) set out the accounting treatment for inventories, including the determination of cost, the subsequent recognition of the expense and any write-down to Net Realizable Value (NRV)
So what is the inventory?
Inventory according to IAS 2 are assets that are :
- Held for sale in the ordinary course of business
- are in the process of production for