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What is Understanding IAS 2: Inventory Costs and Methods about?

IAS 2 provides guidance on determining the cost of inventories. Inventories must be measured at the lower of cost or net realizable value. Cost includes expenditures incurred in bringing the inventories to their present location and condition. Common costing methods include specific identification, FIFO, and weighted average. The retail inventory method is often used for items with high turnover where cost is determined by reducing inventory value at retail prices by the gross margin percentage.

Author

Ellaine Cascarro

Language

EN