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IAS 2 - inventories

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BA (Hons) 2:1 Cert Ed PGCE AAT4 Mind Map on IAS 2 - inventories, created by Liz Barraclough on 22/09/2015.
Liz Barraclough
Mind Map by Liz Barraclough, updated more than 1 year ago
Liz Barraclough
Created by Liz Barraclough over 8 years ago
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Resource summary

IAS 2 - inventories
  1. Definition
    1. Finished Goods
      1. Work in Progress
        1. Raw Materials
        2. What's included
          1. Cost of purchase
            1. Cost of conversion
              1. other costs incurred e.g. carriage inwards
              2. What's not included
                1. abnormal waste
                  1. Storage
                    1. admin overheads
                      1. selling costs
                        1. foreign exchange differences
                          1. Interest costs
                          2. Valuation
                            1. Lower of cost or net realisable value
                              1. FIFO
                                1. AVCO
                                  1. NOT LIFO
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