IAS 2 — Inventories 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. A
revised version of IAS 2 was issued in December 2003 and applies
to annual periods beginning on or after 1 January 2005. History
of IAS 2 |September 1974||Exposure Draft E2 Valuation and
Presentation of Inventories in the Context of the Historical
Cost System| |October 1975||IAS 2, Valuation and Presentation of
Inventories in the Context of the Historical Cost System|
|August 1991||Exposure Draft E38 Inventories| |December
1993||IAS 2 (1993) Inventories (revised as part of the
'Comparability of Financial Statements' project)| |1 January
1995||Effective date of IAS 2 (1993)| |18 December 2003||Revised
version of IAS 2 issued by the IASB| |1 Janua