Inventories (IAS 2)
1 PROBLEMS ADDRESSED
The objective of IAS 2 is to prescribe the accounting treatment of inventories. This Standard deals with calculation of the cost of inventory recognized as an asset, the determination of cost, the recognition of inventories as an expense, and any write-downs to net realizable value.
September 1974 Exposure Draft E2 Valuation and Presentation of Inventories in the Context of the Historical Cost System
October 1975 IAS 2, Valuation and Presentation of Inventories in the Context of the Historical Cost System
August 1991 Exposure Draft E38 Inventories
December 1993 IAS 2 (1993) Inventories (revised as part of the 'Comparability of Financial Statements' project based on E32)
1 January 1995 Effective Date of IAS 2 (1993)
18 December 2003 Revised version of IAS 2 issued by the IASB
1 January 2005 Effective date of IAS 2 (Revised 2003)
2 SCOPE OF THE STANDARD
This Standard deals with all inventories of assets that are:
• Held......
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