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What is IAS 2: Inventory Measurement and Write-Offs about?

IAS 2 provides guidance on accounting for inventories. It defines inventories and establishes measurement requirements at the lower of cost and net realizable value. Cost includes all costs to bring inventories to their present location and condition. Measurement techniques include first-in-first-out, weighted average cost, and standard cost methods. Inventories are written down if net realizable value declines and the write-down is reversed if net realizable value increases up to original cost. Disclosures

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angelinamaye99

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EN