![]() biological assets related to agricultural activity and agricultural produce at the point of harvest (see IAS 41 Agriculture).Īlso, while the following are within the scope of the standard, IAS 2 does not apply to the measurement of inventories held by:.financial instruments (see IAS 39 Financial Instruments: Recognition and Measurement).work in process arising under construction contracts (see IAS 11 Construction Contracts).However, IAS 2 excludes certain inventories from its scope: Inventories include assets held for sale in the ordinary course of business (finished goods), assets in the production process for sale in the ordinary course of business (work in process), and materials and supplies that are consumed in production (raw materials). It also provides guidance on the cost formulas that are used to assign costs to inventories. It provides guidance for determining the cost of inventories and for subsequently recognising an expense, including any write-down to net realisable value. The objective of IAS 2 is to prescribe the accounting treatment for inventories. SIC-1 was superseded by and incorporated into IAS 2 (Revised 2003). SIC-1 Consistency - Different Cost Formulas for Inventories.IFRIC 20 Stripping Costs in the Production Phase of a Surface Mine.Operative for annual financial statements covering periods beginning on or after 1 January 1995Įffective for annual periods beginning on or after 1 January 2005 IAS 2 Valuation and Presentation of Inventories in the Context of the Historical Cost System issued IAS 39 - Financial Instruments: Recognition and MeasurementĮxposure Draft E2 Valuation and Presentation of Inventories in the Context of the Historical Cost System published.IAS 37 - Provisions, Contingent Liabilities and Contingent Assets.IAS 35 - Discontinuing Operations (Superseded).IAS 32 - Financial Instruments: Presentation.IAS 30 - Disclosures in the Financial Statements of Banks and Similar Financial Institutions.IAS 29 - Financial Reporting in Hyperinflationary Economies. ![]() IAS 28 - Investments in Associates (2003).IAS 28 - Investments in Associates and Joint Ventures (2011).IAS 27 - Consolidated and Separate Financial Statements (2008).IAS 27 - Separate Financial Statements (2011).IAS 26 - Accounting and Reporting by Retirement Benefit Plans.IAS 22 - Business Combinations (Superseded).IAS 21 - The Effects of Changes in Foreign Exchange Rates.IAS 20 - Accounting for Government Grants and Disclosure of Government Assistance.IAS 19 - Employee Benefits (1998) (superseded).IAS 15 - Information Reflecting the Effects of Changing Prices (Withdrawn).IAS 14 - Segment Reporting (Superseded).IAS 10 - Events After the Reporting Period.IAS 8 - Accounting Policies, Changes in Accounting Estimates and Errors.IAS 1 - Presentation of Financial Statements.
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