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Accounting-Ias. Inventories (IAS 2) 1 PROBLEMS ADDRESSED The objective of IAS
2 is to prescribe the accounting treatment of inventories. ...
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Submitted by mariapreda on May 2, 2008
Category: Business
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Inventories (IAS 2)
1 PROBLEMS ADDRESSED
The objective of IAS 2 is to prescribe the accounting treatment of inventories. This Standard deals with calculation of the cost of inventory recognized as an asset, the determination of cost, the recognition of inventories as an expense, and any write-downs to net realizable value.
September 1974 Exposure Draft E2 Valuation and Presentation of Inventories in the Context of the Historical Cost System
October 1975 IAS 2, Valuation and Presentation of Inventories in the Context of the Historical Cost System
August 1991 Exposure Draft E38 Inventories
December 1993 IAS 2 (1993) Inventories (revised as part of the 'Comparability of Financial Statements' project based on E32)
1 January 1995 Effective Date of IAS 2 (1993)
18 December 2003 Revised version of IAS 2 issued by the IASB
1 January 2005 Effective date of IAS 2 (Revised 2003)
2 SCOPE OF THE STANDARD
This Standard deals with all inventories of assets that are:
• Held for sale in the ordinary course of business
• In the process of production for sale
• In the form of materials or supplies to be consumed in the production process
• In the rendering of services
In the case of a service provider, inventories include the costs of the service for which the related revenue has not yet been recognized (for example, the work in progress of auditors, architects, and lawyers).
IAS 2 does not apply to the measurement of inventories held by producers of agricultural and forest products, agricultural produce after harvest, and minerals and mineral products to the extent that they are measured at net realizable value in accordance with well-established practices in those industries.
IAS 2 also does not apply to living plants and animals and harvested agricultural produce derived from those plants and animals (see IAS 41,...
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