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Summary of IAS 2
Inventories are measured at the lower of cost and net realizable value. Entire realizable price is the calculated selling price in the regular course of business less the estimated price of completion and the estimated price essential to make the sale.
Cost includes all costs of purchase, prices of conversion and another costs incurred in starting the inventories to their present position and condition. The cost of inventories, another than those for that particular identification of costs are suitable, is assigned through requiring the first-in than first-out (FIFO) or weighted average price formula.
Whenever inventories are sold, the carrying amount of those inventories is identified as an expense in the same period as the revenue. The amount of any write-down of inventories to net realizable value is identified as an expense in the duration the loss occurs or write-down. The total amount of several reversal of a write-down of inventories is identified as a reduction in the amount about the inventories identified as an expense in the period whether the reversal happens.
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