IAS02 BV2009 - IAS 2 International Accounting Standard 2...

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IAS 2 International Accounting Standard 2 Inventories This version includes amendments resulting from IFRSs issued up to 31 December 2008. IAS 2 Inventories was issued by the International Accounting Standards Committee in December 1993. It replaced IAS 2 Valuation and Presentation of Inventories in the Context of the Historical Cost System (originally issued in October 1975). The Standing Interpretations Committee developed SIC-1 Consistency—Different Cost Formulas for Inventories , which was issued in December 1997. Limited amendments to IAS 2 were made in 1999 and 2000. In April 2001 the International Accounting Standards Board (IASB) resolved that all Standards and Interpretations issued under previous Constitutions continued to be applicable unless and until they were amended or withdrawn. In December 2003 the IASB issued a revised IAS 2, which also replaced SIC-1. Since then IAS 2 has been amended by the following IFRSs: IFRS 8 Operating Segments (issued November 2006) 1 Improvements to IFRSs (issued May 2008). 2 The following Interpretation refers to IAS 2: SIC-32 Intangible Assets—Web Site Costs (issued March 2002 and subsequently amended). 1 Effective date 1 January 2009 2 Effective date 1 January 2009 © IASCF 1
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IAS 2 C ONTENTS paragraphs INTRODUCTION IN1–IN17 INTERNATIONAL ACCOUNTING STANDARD 2 INVENTORIES OBJECTIVE 1 SCOPE 2–5 DEFINITIONS 6–8 MEASUREMENT OF INVENTORIES 9–33 Cost of inventories 10–22 Costs of purchase 11 Costs of conversion 12–14 Other costs 15–18 Cost of inventories of a service provider 19 Cost of agricultural produce harvested from biological assets 20 Techniques for the measurement of cost 21–22 Cost formulas 23–27 Net realisable value 28–33 RECOGNITION AS AN EXPENSE 34–35 DISCLOSURE 36–39 EFFECTIVE DATE 40 WITHDRAWAL OF OTHER PRONOUNCEMENTS 41–42 APPENDIX Amendments to other pronouncements APPROVAL BY THE BOARD OF IAS 2 ISSUED IN DECEMBER 2003 BASIS FOR CONCLUSIONS 2 © IASCF
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IAS 2 International Accounting Standard 2 Inventories (IAS 2) is set out in paragraphs 1–42 and the Appendix. All the paragraphs have equal authority but retain the IASC format of the Standard when it was adopted by the IASB. IAS 2 should be read in the context of its objective and the Basis for Conclusions, the Preface to International Financial Reporting Standards and the Framework for the Preparation and Presentation of Financial Statements . IAS 8 Accounting Policies, Changes in Accounting Estimates and Errors provides a basis for selecting and applying accounting policies in the absence of explicit guidance. © IASCF 3
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IAS 2 Introduction IN1 International Accounting Standard 2 Inventories (IAS 2) replaces IAS 2 Inventories (revised in 1993) and should be applied for annual periods beginning on or after 1 January 2005. Earlier application is encouraged.
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This note was uploaded on 02/22/2012 for the course ACCOUNTING 402 taught by Professor Sanaabadry during the Spring '12 term at DISD.

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IAS02 BV2009 - IAS 2 International Accounting Standard 2...

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