Explain how ias 2 requires the given

Reference no: EM131341065

IAS 2 - Inventories prescribes the accounting treatment for inventories under the historical cost system. Briefly explain how IAS 2 requires the following to be dealt with:

(a) The determination of the lower of cost and net realisable value.

(b) The identification of costs when there are large numbers of items which are ordinarily interchangeable.

Reference no: EM131341065

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