If you’re studying IAS 2 Inventories, why not test your knowledge with our multiple choice quiz? By practicing questions you’ll improve your study and recall, ideal for people who learn best by ‘doing’ rather than just reading.
Valuation of inventory/stock under IAS 2
Under IAS 2 inventory should be valued at the lower of Cost & Net Realisable value Cost = all expenditure incurred in bringing the product to its present location and condition. This includes costs such as transport, import duties, production overheads etc. It excludes things like selling costs, abnormal waste, general expenses, storage costs. NRV …