6.1 IAS 2 Inventories prescribes the accounting treatment for inventories under the historical cost system. Briefly
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6.1 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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Related Book For
Financial Accounting An International Approach
ISBN: 9780273693192
1st Edition
Authors: Prof Jagdish Kothari, Elisabetta Barone, Barone Kothari
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