Search results
Results from the Health.Zone Content Network
IAS 2 defines inventories as assets which are: in the form of materials or supplies to be consumed in the production or rendering of services. IAS 2 requires that those assets that are considered inventory should be recorded at the lower of cost or net realisable value. Cost not only includes the purchase cost but also the conversion costs ...
v. t. e. The historical cost of an asset at the time it is acquired or created is the value of the costs incurred in acquiring or creating the asset, comprising the consideration paid to acquire or create the asset plus transaction costs. [1] Historical cost accounting involves reporting assets and liabilities at their historical costs, which ...
IAS 1. Disclosure of Accounting Policies (1975) Presentation of Financial Statements (1997) 1975. January 1, 1975. January 1, 2027. IFRS 18. IAS 2. Valuation and Presentation of Inventories in the Context of the Historical Cost System (1975)
Several standards contained alternative treatments (options), reflecting the diversity of practice. For instance, IAS 2 Valuation and Presentation of Inventories in the Context of the Historical Cost System (1975) allowed a variety of practices including the LIFO, FIFO and base stock methods.
The International Accounting Standards Board (IASB) is the independent accounting standard -setting body of the IFRS Foundation. The IASB was founded on April 1, 2001, as the successor to the International Accounting Standards Committee (IASC). It is responsible for developing International Financial Reporting Standards (IFRS) and for promoting ...
e. International Financial Reporting Standards, commonly called IFRS, are accounting standards issued by the IFRS Foundation and the International Accounting Standards Board (IASB). [ 1 ] They constitute a standardised way of describing the company's financial performance and position so that company financial statements are understandable and ...
The Australian Accounting Standards Board (AASB) is an Australian Government agency that develops and maintains financial reporting standards applicable to entities in the private and public sectors of the Australian economy. Also, the AASB contributes to the development of global financial reporting standards and facilitates the participation ...
Net realizable value (NRV) is a measure of a fixed or current [1] asset's worth when held in inventory, in the field of accounting.NRV is part of the Generally Accepted Accounting Principles (GAAP) and International Financial Reporting Standards (IFRS) that apply to valuing inventory, so as to not overstate or understate the value of inventory goods.