International Accounting Standard (IAS) 2

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IAS 2 Inventories contains the requirements on how to account for most types of inventory. The standard requires inventories to be measured at the lower of cost and net realisable value (NRV) and outlines acceptable methods of determining cost, including specific identification (in some cases), first-in first-out (FIFO) and weighted average cost.  [source: http://www.iasplus.com]



Sayed Farrukh Ahmed
Assistant Professor
Faculty of Business & Economics
Daffodil International University