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What is Inventory Accounting in Construction about?

The document discusses accounting for inventories and construction contracts under IAS 2 and IAS 11. It defines inventories as assets held for sale, in production, or as supplies. Inventories must be measured at the lower of cost or net realizable value. Cost includes purchase costs, conversion costs like direct materials and allocated fixed/variable overheads, and other costs to bring inventories to their present condition and location. Work in progress for construction contracts is excluded from IAS 2 and

Author

Anna

Language

EN