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  1. www.iasplus.com › en › standardsIAS 2 — Inventories - IAS Plus

    When inventories are sold and revenue is recognised, the carrying amount of those inventories is recognised as an expense (often called cost-of-goods-sold). Any write-down to NRV and any inventory losses are also recognised as an expense when they occur. [IAS 2.34] Disclosure. Required disclosures: [IAS 2.36] accounting policy for inventories

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  3. www.ifrs.org › issued › part-aInventories IAS 2 - IFRS

    Examples of costs excluded from the cost of inventories and recognised as expenses in the period in which they are incurred are: (a) abnormal amounts of wasted materials, labour or other production costs; (b) storage costs, unless those costs are necessary in the production process before a further production stage;

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  4. analystprep.com › costs-inventories-expensesCosts Included in Inventories or Recognised as Expenses ...

    Aug 28, 2019 · Solution. The correct answer is A. Abnormal waste, storage, and selling costs are all usually recognized as expenses. B is incorrect. It provides costs that are usually included in inventories. C is incorrect. It gives a combination of costs that are included in inventories (handling costs and transport costs) and some that are usually expensed ...

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  5. www.ifrs.org › list-of-standards › ias-2-inventoriesIAS 2 Inventories - IFRS

    When inventories are sold, the carrying amount of those inventories is recognised as an expense in the period in which the related revenue is recognised. The amount of any write-down of inventories to net realisable value and all losses of inventories are recognised as an expense in the period the write-down or loss occurs.

  6. www.ifrs.org › content › damInternational Accounting Standard 2 Inventories - IFRS

    When inventories are sold, the carrying amount of those inventories shall be recognised as an expense in the period in which the related revenue is recognised. [ Refer: IFRS 15 paragraph 31 ] The amount of any write‑down of inventories to net realisable value and all losses of inventories shall be recognised as an expense in the period the write‑down or loss occurs.

  7. www.icaew.com › ias-2-inventoriesIAS 2 Inventories - ICAEW

    Expert help with research and access to trustworthy, professional sources. +44 (0)20 7920 8620. library@icaew.com. Inventories prescribes the accounting treatment for inventories; it provides guidance on the determination of cost and its subsequent recognition as an expense, including any write-down to net realisable value.

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  9. www.grantthornton.com.au › globalassets › 1IAS 2 INVENTORIES - Grant Thornton

    d. the amount of inventory recognised as expense during the period; e. the amount of any write-down of inventories recognised as an expense in the period; f. the amount of any reversal of any write-down that is recognised as a reduction in the amount of inventories recognised as expense in the period; g. the circumstances or events that led to the

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