What you need to know about Inventories for IAS 2

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 manufacturer will hold finished goods)
  • in the process of production for sale (e.g. work in progress)
  • materials or supplies to be used in the production process (e.g. raw materials)

Read moreWhat you need to know about Inventories for IAS 2