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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
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