IFRS standards

Visit the website of IFRS (www.ifrs.org) and also the websites of International Accounting firms such as Ernst& Young, PwC, KPMG, Deloitte, and BDO. Report on the following accounting standards

• Briefly explain the principles of IAS 2 with regard to valuation of inventory.
• Briefly explain the principles of IAS 41 with regard to valuation of agricultural and biological items.