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What is Key Points on PAS 2: Inventories about?
- Inventories are assets held for sale, in production, or to be consumed in production or rendering services. - Inventories are initially measured at cost and subsequently at the lower of cost or net realizable value. Net realizable value is the estimated selling price less costs to complete and sell. - Inventories must be disclosed in the financial statements, including categories, measurement techniques used, amounts recognized as expenses, and write-downs or reversals.
- Author
- Beverly Urbase
- Language
- EN