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What is IAS 2 Inventory Accounting Overview about?

1. Inventories include raw materials, work in progress, and finished goods used for normal business operations. All inventories are initially recognized at cost, including purchase costs, import duties, transport costs, and handling costs. 2. Subsequently, inventories are measured at the lower of cost or net realizable value in accordance with the prudence concept. Net realizable value is the estimated selling price less costs to complete and sell. 3. If the net realizable value of inventory is lower th

Author

Brilliant

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EN