Summary IAS 2 - Corniciuc

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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. 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 January 2005 Effective date of IAS 2 (Revised 2003)