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	<title>IFRS LIST.com &#187; IAS 2</title>
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		<item>
		<title>IAS 2 – Inventory</title>
		<link>http://www.ifrslist.com/docs/ias-2-inventory/</link>
		<comments>http://www.ifrslist.com/docs/ias-2-inventory/#comments</comments>
		<pubDate>Thu, 08 Dec 2011 06:54:48 +0000</pubDate>
		<dc:creator>admin</dc:creator>
				<category><![CDATA[DOCUMENTS]]></category>
		<category><![CDATA[IAS 2]]></category>
		<category><![CDATA[IAS 2 Inventories]]></category>
		<category><![CDATA[IAS-IFRS STANDARDS]]></category>
		<category><![CDATA[INVENTORY]]></category>

		<guid isPermaLink="false">http://www.ifrslist.com/docs/?p=76</guid>
		<description><![CDATA[List of useful info, resources and documents available on other websites about IAS 2 – Inventory. Summary of IAS 2 – IASPlus Full Text of the IAS 2 as at 31 December 2010 provided by IASB (You need to register) Other useful resources &#8230; Con...


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<li><a href='http://www.ifrslist.com/docs/ias-12-income-tax/' rel='bookmark' title='Permanent Link: IAS 12 – Income Tax'>IAS 12 – Income Tax</a></li>
</ol>]]></description>
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		</item>
		<item>
		<title>exchange Inventory</title>
		<link>http://www.ifrslist.com/2010/11/02/exchange-inventory/</link>
		<comments>http://www.ifrslist.com/2010/11/02/exchange-inventory/#comments</comments>
		<pubDate>Tue, 02 Nov 2010 17:26:02 +0000</pubDate>
		<dc:creator>yahya mohamed</dc:creator>
				<category><![CDATA[IAS 2]]></category>

		<guid isPermaLink="false">http://www.ifrslist.com/?p=2508</guid>
		<description><![CDATA[what is the right treatment for exchange inventory with another of different value?
and according to what paragraph of IAS 2



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Exchange difference on adv...


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<li><a href='http://www.ifrslist.com/2010/10/10/accounting-treatment-of-currency-exchange-differences-arising-out-of-consolidation/' rel='bookmark' title='Permanent Link: Accounting treatment of currency exchange differences arising out of consolidation'>Accounting treatment of currency exchange differences arising out of consolidation</a></li>
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		<slash:comments>1</slash:comments>
		</item>
		<item>
		<title>Writing-Down Inventory</title>
		<link>http://www.ifrslist.com/2010/07/14/writing-down-inventory/</link>
		<comments>http://www.ifrslist.com/2010/07/14/writing-down-inventory/#comments</comments>
		<pubDate>Wed, 14 Jul 2010 03:33:42 +0000</pubDate>
		<dc:creator>yahya mohamed</dc:creator>
				<category><![CDATA[IAS 2]]></category>

		<guid isPermaLink="false">http://www.ifrslist.com/?p=2095</guid>
		<description><![CDATA[When it is possible to establish an allowance for writing down inventory and when it isn&#8217;t?


Related posts:exchange Inventory
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Reversal of a previuos inventory writedown



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<li><a href='http://www.ifrslist.com/2008/12/15/reversal-of-a-previuos-inventory-writedown/' rel='bookmark' title='Permanent Link: Reversal of a previuos inventory writedown'>Reversal of a previuos inventory writedown</a></li>
</ol>]]></description>
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		<slash:comments>3</slash:comments>
		</item>
		<item>
		<title>Treatment of under/over absorbed overheads</title>
		<link>http://www.ifrslist.com/2009/02/28/treatment-of-underover-absorbed-overheads/</link>
		<comments>http://www.ifrslist.com/2009/02/28/treatment-of-underover-absorbed-overheads/#comments</comments>
		<pubDate>Sat, 28 Feb 2009 07:20:41 +0000</pubDate>
		<dc:creator>admin</dc:creator>
				<category><![CDATA[IAS 2]]></category>
		<category><![CDATA[INVENTORY]]></category>
		<category><![CDATA[OVERHEAD]]></category>

		<guid isPermaLink="false">http://www.ifrslist.com/?p=1192</guid>
		<description><![CDATA[Good luck For All,
Kindly Let me Know Is Any Indication of under/ over absorbed production overheads&#8217; treatment in IFRSs. If yes Then What And In which one. If Not Then What Is The Proper treatment?
Regards
Naveed


Related posts:About normal capacity
Inventory valuation
Fixed vs Variable Wage Expense



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</ol>]]></description>
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		<slash:comments>1</slash:comments>
		</item>
		<item>
		<title>Inventory Adjustment Entries</title>
		<link>http://www.ifrslist.com/2009/02/15/inventory-adjustment-entries/</link>
		<comments>http://www.ifrslist.com/2009/02/15/inventory-adjustment-entries/#comments</comments>
		<pubDate>Sun, 15 Feb 2009 10:24:10 +0000</pubDate>
		<dc:creator>admin</dc:creator>
				<category><![CDATA[IAS 2]]></category>
		<category><![CDATA[INVENTORY]]></category>

		<guid isPermaLink="false">http://www.ifrslist.com/?p=1153</guid>
		<description><![CDATA[Dears,
what are the adjusting enteries when inventry is recorded under perpatual system &#038;  when at the year end period count is performed &#038;  descripencies are found ehither favourable Or Unfavourable.
Best regards:


Related posts:Prior year adjustment
Reversal of a previuos inventory writedown
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<li><a href='http://www.ifrslist.com/2008/12/15/reversal-of-a-previuos-inventory-writedown/' rel='bookmark' title='Permanent Link: Reversal of a previuos inventory writedown'>Reversal of a previuos inventory writedown</a></li>
<li><a href='http://www.ifrslist.com/2008/12/23/inventory-valuation/' rel='bookmark' title='Permanent Link: Inventory valuation'>Inventory valuation</a></li>
</ol>]]></description>
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		<slash:comments>2</slash:comments>
		</item>
		<item>
		<title>Inventory valuation</title>
		<link>http://www.ifrslist.com/2008/12/23/inventory-valuation/</link>
		<comments>http://www.ifrslist.com/2008/12/23/inventory-valuation/#comments</comments>
		<pubDate>Tue, 23 Dec 2008 08:48:16 +0000</pubDate>
		<dc:creator>deepak</dc:creator>
				<category><![CDATA[IAS 2]]></category>
		<category><![CDATA[INVENTORY]]></category>
		<category><![CDATA[RAW MATERIAL]]></category>

		<guid isPermaLink="false">http://www.ifrslist.com/?p=1063</guid>
		<description><![CDATA[A company yet to start production had bought some raw materials necessary for production. But the production has been delayed. In the mean time the market value of raw materials has came down. what should be the accounting treatment for the raw material at year end ?
should it be valued at current market price and difference be treated as pre-operative expense or some other treatment should be given ?


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		</item>
		<item>
		<title>IAS 2</title>
		<link>http://www.ifrslist.com/2008/12/15/fwd-ifrs-list-ias-2-2/</link>
		<comments>http://www.ifrslist.com/2008/12/15/fwd-ifrs-list-ias-2-2/#comments</comments>
		<pubDate>Sun, 14 Dec 2008 22:24:00 +0000</pubDate>
		<dc:creator>ifrslist</dc:creator>
				<category><![CDATA[IAS 2]]></category>
		<category><![CDATA[BUDGET]]></category>
		<category><![CDATA[CIA]]></category>
		<category><![CDATA[DISCLOSURE]]></category>
		<category><![CDATA[EXCHANGE RATE]]></category>
		<category><![CDATA[FINANCIAL INSTRUMENTS]]></category>
		<category><![CDATA[IAS]]></category>
		<category><![CDATA[IFRS]]></category>
		<category><![CDATA[INVENTORY]]></category>
		<category><![CDATA[REPORT]]></category>
		<category><![CDATA[SHARE]]></category>

		<guid isPermaLink="false">http://www.ifrsforsme.com/share/2008/12/fwd-ifrs-list-ias-2-2/</guid>
		<description><![CDATA[Dear all,

Is it fair to value inventory at updated standard costs even if the inventory item was manufactured at a time when standard costs were much lower?
 
Regards,
Grace



Hi Divine
I experienced this issue in 1995
It is fair and possible but all depends on the control and policies you have
IAS 2 allows you to use standard cost valuation for inventory in final reporting if standards approximate to actuals.  As you well say below the standards will always differ a lot to actuals particularly now (and so was the case in 1995) because of ...


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</ol>]]></description>
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		<slash:comments>0</slash:comments>
		</item>
		<item>
		<title>Reversal of a previuos inventory writedown</title>
		<link>http://www.ifrslist.com/2008/12/15/reversal-of-a-previuos-inventory-writedown/</link>
		<comments>http://www.ifrslist.com/2008/12/15/reversal-of-a-previuos-inventory-writedown/#comments</comments>
		<pubDate>Sun, 14 Dec 2008 23:40:00 +0000</pubDate>
		<dc:creator>admin</dc:creator>
				<category><![CDATA[AUDIT]]></category>
		<category><![CDATA[IAS 2]]></category>
		<category><![CDATA[IAS 8]]></category>
		<category><![CDATA[IFRS]]></category>
		<category><![CDATA[TAX]]></category>
		<category><![CDATA[CIA]]></category>
		<category><![CDATA[IAS]]></category>
		<category><![CDATA[INVENTORY]]></category>
		<category><![CDATA[NRV]]></category>
		<category><![CDATA[PPE]]></category>
		<category><![CDATA[SHARE]]></category>
		<category><![CDATA[WRITE DOWN]]></category>

		<guid isPermaLink="false">http://www.ifrsforsme.com/share/2008/12/fwd-ifrs-list-reversal-of-a-previuos-inventory-writedown/</guid>
		<description><![CDATA[Dear All
Kindly feed me back regarding the reversal of any previuos writedown
that had been made in a previuos period. Is it possible to reverse a
wirte down for inventory made in 2007 to be reversed in 2008
Noting that I couldn&#8217;t reach any speci...


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<li><a href='http://www.ifrslist.com/2008/12/15/fwd-ifrs-list-budget/' rel='bookmark' title='Permanent Link: Budget'>Budget</a></li>
</ol>]]></description>
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		</item>
		<item>
		<title>Capitalization of WIP</title>
		<link>http://www.ifrslist.com/2008/12/14/capitalization-of-wip/</link>
		<comments>http://www.ifrslist.com/2008/12/14/capitalization-of-wip/#comments</comments>
		<pubDate>Sun, 14 Dec 2008 18:44:00 +0000</pubDate>
		<dc:creator>admin</dc:creator>
				<category><![CDATA[IAS 2]]></category>
		<category><![CDATA[ACCRUAL]]></category>
		<category><![CDATA[AUDIT]]></category>
		<category><![CDATA[CIA]]></category>
		<category><![CDATA[DISCLOSURE]]></category>
		<category><![CDATA[DOWNLOAD]]></category>
		<category><![CDATA[FIXED ASSET]]></category>
		<category><![CDATA[IAS]]></category>
		<category><![CDATA[IAS 1]]></category>
		<category><![CDATA[IAS 16]]></category>
		<category><![CDATA[IAS 37]]></category>
		<category><![CDATA[IFRS]]></category>
		<category><![CDATA[INTERNAL AUDIT]]></category>
		<category><![CDATA[International]]></category>
		<category><![CDATA[INVENTORY]]></category>
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		<category><![CDATA[LINK]]></category>
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		<category><![CDATA[STUDENT]]></category>

		<guid isPermaLink="false">http://www.ifrsforsme.com/share/2008/12/fwd-ifrs-list-capitalization-of-wip/</guid>
		<description><![CDATA[Hello,
 



If a company asks a third party to construct a fixed asset and at the end of the year, the fixed asset is not complete, but you have a statement of the costs incurred, would you capitalize the costs incurred under Construction in Progress with counterpart in accruals. Or would you record an entry only when it has been delivered to the company?
 
What IFRS would be applicable?
 
Thanks,
Isabelle



 


IFRS 16 would be applicable &#8220;Plant , Property and Equipemnt&#8221;
 
Recognisation -
Items of property, plant, and equipment should be recognised as assets when it is probable ...


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		</item>
		<item>
		<title>Fixed vs Variable Wage Expense</title>
		<link>http://www.ifrslist.com/2008/08/28/fixed-vs-variable-wage-expense/</link>
		<comments>http://www.ifrslist.com/2008/08/28/fixed-vs-variable-wage-expense/#comments</comments>
		<pubDate>Thu, 28 Aug 2008 15:29:00 +0000</pubDate>
		<dc:creator>ifrslist</dc:creator>
				<category><![CDATA[IAS 2]]></category>
		<category><![CDATA[INVENTORY]]></category>
		<category><![CDATA[OVERHEAD]]></category>
		<category><![CDATA[WAGE EXPENSE]]></category>

		<guid isPermaLink="false">http://ifrslist.wordpress.com/2008/08/28/re-ifrs-list-fixed-vs-variable-wage-expense/</guid>
		<description><![CDATA[Hello all,
Our company is operating in aircraft maintenance, repair and overhaul (MRO) sector. Wages are paid to the direct&#38;indirect blue collar employees on monthly basis, regardless of how much man/hour spent. But overtime is paid for the excess time charged.
Regarding the classification of wages paid to the blue collar as fixed and variable, what do you think the classification will be? Should we assume that these wages are related with the level of production, and totally assumed as variable, although the payment is fixed on monthly basis; or only the overtime paid is ...


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		<slash:comments>0</slash:comments>
		</item>
		<item>
		<title>IAS 2 Inventories</title>
		<link>http://www.ifrslist.com/2008/08/28/ias-2-inventories/</link>
		<comments>http://www.ifrslist.com/2008/08/28/ias-2-inventories/#comments</comments>
		<pubDate>Thu, 28 Aug 2008 15:28:00 +0000</pubDate>
		<dc:creator>ifrslist</dc:creator>
				<category><![CDATA[IAS 2]]></category>
		<category><![CDATA[INVENTORY]]></category>
		<category><![CDATA[INVENTORY IN PROGRESS]]></category>
		<category><![CDATA[WRITE DOWN]]></category>
		<category><![CDATA[WRITE UP]]></category>

		<guid isPermaLink="false">http://ifrslist.wordpress.com/2008/08/28/re-ifrs-list-ias-2-inventories/</guid>
		<description><![CDATA[Can anyone help me to understand the IFRS &#8211; IAS 2 -
1. Inventory &#8211; wrtie-down and write-up of inventory cost??
2. IAS 2 &#8211; Does this apply to work-in-process??
Thanks for your assistance.
Ray


Ray,
1. You should write down inventory to NRV (net reasliable value) or when
the stock became obsolete. You can increase the value of inventory when
you measure your stock at standard cost/retail method and the standard
change.
2. The IAS2 applies also to WIP, however under specific circustances you
don&#8217;t have to value WIP at all.
Regards,
Jakub




This topic was already discussed

Background:Back in 1995 when we floated ...


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</ol>]]></description>
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		<slash:comments>0</slash:comments>
		</item>
		<item>
		<title>NRV</title>
		<link>http://www.ifrslist.com/2008/08/28/list-nrv/</link>
		<comments>http://www.ifrslist.com/2008/08/28/list-nrv/#comments</comments>
		<pubDate>Thu, 28 Aug 2008 15:26:00 +0000</pubDate>
		<dc:creator>ifrslist</dc:creator>
				<category><![CDATA[IAS 2]]></category>
		<category><![CDATA[FIFO]]></category>
		<category><![CDATA[INVENTORY]]></category>
		<category><![CDATA[NRV]]></category>

		<guid isPermaLink="false">http://ifrslist.wordpress.com/2008/08/28/re-odp-ifrs-list-nrv/</guid>
		<description><![CDATA[Hi all,
Need your help on this. I am trying to look into my Inventory valuation in my Accounting system hence if you have any suggestions pls do reply me.
Currently we are using Navision system and if any of you are using the same system it will be good if I can hear your feedback because I am trying to get my vendor to do NRV valuation for my Inventory and they give me negative answers.
In addition we are using FIFO method but in the system it doesn&#8217;t calculate it this ...


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		<title>Valuation of Inventory according to re &#8211; denominated currency</title>
		<link>http://www.ifrslist.com/2008/08/28/valuation-of-inventory-according-to-re-denominated-currency/</link>
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		<pubDate>Thu, 28 Aug 2008 15:21:00 +0000</pubDate>
		<dc:creator>ifrslist</dc:creator>
				<category><![CDATA[IAS 2]]></category>
		<category><![CDATA[OTHER IFRS]]></category>
		<category><![CDATA[HYPERINFLATIONARY ECONOMIES]]></category>
		<category><![CDATA[IAS 29]]></category>
		<category><![CDATA[INVENTORY]]></category>

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		<description><![CDATA[Dear All Recently our currency in Zimbabwe  was re-denominated by 10 000 000 000 factor, prior to this we imported stocks  and converted them at prevailing stipulated rates as at that period. After the  re denomination we have stocks at 0 value. According to standards is it possible  to re value stocks so that we will be able to reflect true inventory valuation  and cost of sales.



I appreciate your  assistance
 Regards
 
 
Dear Brighton 
 






As the economy in Zimbabwe has gone hyperinflationary it seem logical to follow IAS 29 ...


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		<title>Inventory Write-Down</title>
		<link>http://www.ifrslist.com/2008/08/28/inventory-write-down/</link>
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		<pubDate>Thu, 28 Aug 2008 15:13:00 +0000</pubDate>
		<dc:creator>ifrslist</dc:creator>
				<category><![CDATA[IAS 2]]></category>
		<category><![CDATA[INVENTORY]]></category>
		<category><![CDATA[WRITE DOWN]]></category>

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		<description><![CDATA[Hi Antonello
I hope you can answer some of my questions related to IFRS – inventory write-down.
Case:
Inventory unit cost was $ 15.00 purchase price
Sales price for $35.00 per unit
Total unit at year-end &#8211; on hand quantity 1000 units
Forecast 100% stocks classified as non-salesable.
Reserve set up at the end of year was $ 15,000.00
Third party disposition for 1000 units – sales price drop to $10.00 per unit &#8211; $10,000.00
What is the accounting treatment for the above transaction under IFRS?
Your input is much appreciated.
Thanks,
Raymond
A loan can be classified as available for sale in ...


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		<title>IAS 2 INVENTORIES &#8211; NET REALIZABLE VALUE AND WRITE-OFF</title>
		<link>http://www.ifrslist.com/2008/08/28/ias-2-inventories-net-realizable-value-and-write-off/</link>
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		<pubDate>Thu, 28 Aug 2008 15:07:00 +0000</pubDate>
		<dc:creator>ifrslist</dc:creator>
				<category><![CDATA[IAS 2]]></category>
		<category><![CDATA[INVENTORY]]></category>
		<category><![CDATA[MARKET VALUE]]></category>

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		<description><![CDATA[Hi: Good morning: Henk:
Would you be kind to let me know the IFRS – IAS 2 concerning to ret realizable value and write-off: 1. How to handle the declined value of inventory stocks? 2. What is the correct procedure to write-down of damaged or obsolete items?
Thanks for your assistance.
Raymond

 
The easy way would be that the outcome using a flat rate does not materially differ from using the (IFRS correct) effective rate. Otherwise the accounting needs to either
-          keep a separate ledger to account for income using an effective rate (for ...


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