Factsheet Series: IAS 2 Inventories

Originally published at: IAS 2 Inventories | TheAccSense

Inventories are one of the critical assets in any business. What is inventory? IAS 2 Inventories provides a specific definition of inventories which is defined as assets that are: Held for sale in the ordinary course of business; In the process of production for such sale; orIn the form of materials or supplies to be consumed…