Nr074 conceptual framework and accounting standards pas 2 inventories

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PAS 2 InventoriesLearning Objectives••Define inventories.Measure inventories and apply the costformulas.•State the accounting for inventory write-downand the reversal thereof.Conceptual Framework & Acctg.Standards (by: Zeus Vernon B. Millan)2InventoriesInventories are assets:a.Held for sale in the ordinary course of business(Finished Goods);b.In the process of production for such sale (Work InProcess); orc.In the form of materials or supplies to be consumed inthe production process or in the rendering of services(Raw materials and manufacturing supplies).Conceptual Framework & Acctg.Standards (by: Zeus Vernon B. Millan)3Financial statement presentation•All items that meet the definition of inventory arepresented on the statement of financial position as oneline item under the caption “Inventories.” Thebreakdown of this line item (as finished goods, WIP andRaw materials) is disclosed in the notes.•Inventories are normally presented in a classifiedstatement of financial position as current assets.Conceptual Framework & Acctg.Standards (by: Zeus Vernon B. Millan)4Measurement•Inventories are measured at the lower of cost and netrealizable value (NRV).•The cost of inventories comprise all costs of purchase, costs ofconversion and other costs incurred in bringing the inventoriesto their present location and condition.•Net realizable value (NRV) is the estimated selling price in the … Purchase document to see full attachment

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