Inventories are one of the critical assets in any business. What is inventory? IAS 2 Inventories provides a specific definition of inventories which is defined as assets that are: Held for sale in the ordinary course of business; In the process of production for such sale; or In the form of materials or supplies to […]
IAS 2
Posted inFinancial Accounting
IFRIC Tentative Agenda Decision: Costs necessary to sell inventories
In addition to the IFRIC Tentative Agenda Decision: Preparation of financial statements when an entity is no longer a going concern, IFRIC on 12 February 2021 also issued another tentative agenda decision – Costs necessary to sell inventories. This tentative agenda decision is open for public comments until 14 April 2021. What are the accounting […]