IAS 2 - inventories

Liz Barraclough
Mind Map by Liz Barraclough, updated more than 1 year ago
Liz Barraclough
Created by Liz Barraclough almost 5 years ago
139
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Description

BA (Hons) 2:1 Cert Ed PGCE AAT4 Mind Map on IAS 2 - inventories, created by Liz Barraclough on 09/22/2015.

Resource summary

IAS 2 - inventories
1 Definition
1.1 Finished Goods
1.2 Work in Progress
1.3 Raw Materials
2 What's included
2.1 Cost of purchase
2.2 Cost of conversion
2.3 other costs incurred e.g. carriage inwards
3 What's not included
3.1 abnormal waste
3.2 Storage
3.3 admin overheads
3.4 selling costs
3.5 foreign exchange differences
3.6 Interest costs
4 Valuation
4.1 Lower of cost or net realisable value
4.1.1 FIFO
4.1.2 AVCO
4.1.3 NOT LIFO
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