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...
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What are Inventories?
IAS 2 Inventories is the accounting standard governing the recognition, measurement and disclosures for inventories.
Inventories are assets:
held for sale in the normal course of business. (e.g. a retailer will hold stock, a...