Ias 2 - inventories prescribes the accounting treatment for, Ask an Expert

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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.

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Corporate Finance, Finance

Category:- Corporate Finance
Reference No.:- M92094645

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