In the ACCA F7 exam, you'll have to describe and apply the principles of inventory valuation. IAS 2 Inventories is the accounting standard which covers this, here's a little summary.
Scope of IAS 2 Inventories
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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...