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IAS 2 Inventories

International Accounting Standard 2

Overview of IAS 2

  • Issued: in 1975; re-issued in 1993 and 2003
  • Effective date: 1 January 2005
  • What it does:
    • It prescribes the accounting treatment for inventories;
    • It gives guidance on determining the cost of inventories and their subsequent recognition as an expense;
    • It prescribes the measurement rules including the net realizable value
    • It gives guidance on the cost formulas (FIFO and weighted average).

Articles about IAS 2

Questions and Answers

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