TASK 2:

Research the IFRS authoritative literature and provide answers to the following questions. Paragraph citations are to be provided with answers where applicable.

1. State the authoritative literature that governs inventory. 1 m

2. Identify three (3) types of assets that are classified as inventory. 4 m

. What inventories are specifically excluded from this standard? 6 m

4. How is the term net realizable value defined as used in the acronym LCNRV.