IAS 2 Inventories.docx
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IAS 2 Inventories.docx
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IAS2Inventories
IAS2Inventories
ThisrevisedStandardsupersedesIAS2(revised1993)Inventoriesandshouldbeappliedforannualperiodsbeginningonorafter1 January2005.Earlierapplicationisencouraged.
Contents
IntroductionIN1-IN17
InternationalAccountingStandard2Inventories
Objective1
Scope2-5
Definitions6-8
Measurementofinventories9-33
CostofInventories10-22
CostsofPurchase11
CostsofConversion12-14
OtherCosts15-18
CostofInventoriesofaServiceProvider19
CostofAgriculturalProduceHarvestedfromBiologicalAssets20
TechniquesfortheMeasurementofCost21-22
CostFormulas23-27
NetRealisableValue28-33
Recognitionasanexpense34-35
Disclosure36-39
Effectivedate40
Withdrawalofotherpronouncements41-42
Appendix:
AmendmentstoOtherPronouncements
ApprovalofIAS2bytheBoard
Basisforconclusions
Tableofconcordance
InternationalAccountingStandard2Inventories(IAS2)issetoutinparagraphs 1-42andtheAppendix.AlltheparagraphshaveequalauthoritybutretaintheIASCformatoftheStandardwhenitwasadoptedbytheIASB.IAS2shouldbereadinthecontextofitsobjectiveandtheBasisforConclusions,thePrefacetoInternationalFinancialReportingStandardsandtheFrameworkforthePreparationandPresentationofFinancialStatements.IAS8AccountingPolicies,ChangesinAccountingEstimatesandErrorsprovidesabasisforselectingandapplyingaccountingpoliciesintheabsenceofexplicitguidance.
Introduction
IN1.InternationalAccountingStandard2Inventories(IAS2)replacesIAS 2Inventories(revisedin1993)andshouldbeappliedforannualperiodsbeginningonorafter1January2005.Earlierapplicationisencouraged.TheStandardalsosupersedesSIC-1Consistency-DifferentCostFormulasforInventories.
ReasonsforRevisingIAS2
IN2.TheInternationalAccountingStandardsBoarddevelopedthisrevisedIAS 2aspartofitsprojectonImprovementstoInternationalAccountingStandards.TheprojectwasundertakeninthelightofqueriesandcriticismsraisedinrelationtotheStandardsbysecuritiesregulators,professionalaccountantsandotherinterestedparties.Theobjectivesoftheprojectweretoreduceoreliminatealternatives,redundanciesandconflictswithintheStandards,todealwithsomeconvergenceissuesandtomakeotherimprovements.
IN3.ForIAS2theBoard'smainobjectivewasalimitedrevisiontoreducealternativesforthemeasurementofinventories.TheBoarddidnotreconsiderthefundamentalapproachtoaccountingforinventoriescontainedinIAS2.
TheMainChanges
IN4.ThemainchangesfromthepreviousversionofIAS2aredescribedbelow.
ObjectiveandScope
IN5.TheobjectiveandscopeparagraphsofIAS2wereamendedbyremovingthewords'heldunderthehistoricalcostsystem',toclarifythattheStandardappliestoallinventoriesthatarenotspecificallyexcludedfromitsscope.
ScopeClarification
IN6.TheStandardclarifiesthatsometypesofinventoriesareoutsideitsscopewhilecertainothertypesofinventoriesareexemptedonlyfromthemeasurementrequirementsintheStandard.
IN7.Paragraph3establishesacleardistinctionbetweenthoseinventoriesthatareentirelyoutsidethescopeoftheStandard(describedinparagraph2)andthoseinventoriesthatareoutsidethescopeofthemeasurementrequirementsbutwithinthescopeoftheotherrequirementsintheStandard.
ScopeExemptions
Producersofagriculturalandforestproducts,agriculturalproduceafterharvestandmineralsandmineralproducts
IN8.TheStandarddoesnotapplytothemeasurementofinventoriesofproducersofagriculturalandforestproducts,agriculturalproduceafterharvest,andmineralsandmineralproducts,totheextentthattheyaremeasuredatnetrealisablevalueinaccordancewithwell-establishedindustrypractices.ThepreviousversionofIAS2wasamendedtoreplacethewords'mineralores'with'mineralsandmineralproducts'toclarifythatthescopeexemptionisnotlimitedtotheearlystageofextractionofmineralores.
Inventoriesofcommoditybroker-traders
IN9.TheStandarddoesnotapplytothemeasurementofinventoriesofcommoditybroker-traderstotheextentthattheyaremeasuredatfairvaluelesscoststosell.
CostofInventories
Costsofpurchase
IN10.IAS2doesnotpermitexchangedifferencesarisingdirectlyontherecentacquisitionofinventoriesinvoicedinaforeigncurrencytobeincludedinthecostsofpurchaseofinventories.ThischangefromthepreviousversionofIAS2resultedfromtheeliminationoftheallowedalternativetreatmentofcapitalisingcertainexchangedifferencesinIAS 21TheEffectsofChangesinForeignExchangeRates.ThatalternativehadalreadybeenlargelyrestrictedinitsapplicationbySIC-11ForeignExchange-CapitalisationofLossesfromSevereCurrencyDevaluations.SIC-11hasbeensupersededasaresultoftherevisionofIAS21in2003.
Othercosts
IN11.Paragraph18wasinsertedtoclarifythatwheninventoriesarepurchasedwithdeferredsettlementterms,thedifferencebetweenthepurchasepricefornormalcredittermsandtheamountpaidisrecognisedasinterestexpenseovertheperiodoffinancing.
CostFormulas
Consistency
IN12.TheStandardincorporatestherequirementsofSIC-1Consistency-DifferentCostFormulasforInventoriesthatanentityusethesamecostformulaforallinventorieshavingasimilarnatureandusetotheentity.SIC-1issuperseded.
ProhibitionofLIFOasacostformula
IN13.TheStandarddoesnotpermittheuseofthelast-in,first-out(LIFO)formulatomeasurethecostofinventories.
RecognitionasanExpense
IN14.TheStandardeliminatesthereferencetothematchingprinciple.
IN15.TheStandarddescribesthecircumstancesthatwouldtriggerareversalofawrite-downofinventoriesrecognisedinapriorperiod.
Disclosure
Inventoriescarriedatfairvaluelesscoststosell
IN16.TheStandardrequiresdisclosureofthecarryingamountofinventoriescarriedatfairvaluelesscoststosell.
Write-downofinventories
IN17.TheStandardrequiresdisclosureoftheamountofanywrite-downofinventoriesrecognisedasanexpenseintheperiodandeliminatestherequirementtodisclosetheamountofinventoriescarriedatnetrealisablevalue.
InternationalAccountingStandard2
Inventories
Objective
1.TheobjectiveofthisStandardistoprescribetheaccountingtreatmentforinventories.Aprimaryissueinaccountingforinventoriesistheamountofcosttoberecognisedasanassetandcarriedforwarduntiltherelatedrevenuesarerecognised.ThisStandardprovidesguidanceonthedeterminationofcostanditssubsequentrecognitionasanexpense,includinganywrite-downtonetrealisablevalue.Italsoprovidesguidanceonthecostformulasthatareusedtoassigncoststoinventories.
Scope
2.ThisStandardappliestoallinventories,except:
(a)workinprogressarisingunderconstructioncontracts,includingdirectlyrelatedservicecontracts(seeIAS11ConstructionContracts);
(b)financialinstruments;and
(c)biologicalassetsrelatedtoagriculturalactivityandagriculturalproduceatthepointofharvest(seeIAS41Agriculture).
3.ThisStandarddoesnotapplytothemeasurementofinventoriesheldby:
(a)producersofagriculturalandforestproducts,agriculturalproduceafterharvest,andmineralsandmineralproducts,totheextentthattheyaremeasuredatnetrealisablevalueinaccordancewithwell-establishedpracticesinthoseindustries.Whensuchinventoriesaremeasuredatnetrealisablevalue,changesinthatvaluearerecognisedinprofitorlossintheperiodofthechange.
(b)commoditybroker-traderswhomeasuretheirinventoriesatfairvaluelesscoststosell.Whensuchinventoriesaremeasuredatfairvaluelesscoststosell,changesinfairvaluelesscoststosellarerecognisedinprofitorlossintheperiodofthechange.
4.Theinventoriesreferredtoinparagraph3(a)aremeasuredatnetrealisablevalueatcertainstagesofproduction.Thisoccurs,forexample,whenagriculturalcropshavebeenharvestedormineralshavebeenextractedandsaleisassuredunderaforwardcontractoragovernmentguarantee,orwhenanactivemarketexistsandthereisanegligibleriskoffailuretosell.TheseinventoriesareexcludedfromonlythemeasurementrequirementsofthisStandard.
5.Broker-tradersarethosewhobuyorsellcommoditiesforothersorontheirownaccount.Theinventoriesreferredtoinparagraph3(b)areprincipallyacquiredwiththepurposeofsellinginthenearfutureandgeneratingaprofitfromfluctuationsinpriceorbroker-traders'margin.Whentheseinventoriesaremeasuredatfairvaluelesscoststosell,theyareexcludedfromonlythemeasurementrequirementsofthisStandard.
Definitions
6.ThefollowingtermsareusedinthisStandardwiththemeaningsspecified:
Inventoriesareassets:
(a)heldforsaleintheordinarycourseofbusiness;
(b)intheprocessofproductionforsuchsale;or
(c)intheformofmaterialsorsuppliestobeconsumedintheproductionprocessorintherenderingofservices.
Netrealisablevalueistheestimatedsellingpriceintheordinarycourseofbusinesslesstheestimatedcostsofcompletionandtheestimatedcostsnecessarytomakethesale.
Fairvalueistheamountforwhichanassetcouldbeexchanged,oraliabilitysettled,betweenknowledgeable,willingpartiesinanarm'slengthtransaction.
7.Netrealisablevaluereferstothenetamountthatanentityexpectstorealisefromthesaleofinventoryintheordinarycourseofbusiness.Fairvaluereflectstheamountforwhichthesameinventorycouldbeexchangedbetweenknowledgeableandwillingbuyersandsellersinthemarketplace.Theformeri
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