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Which accounting standard governs the valuation of inventory?
Practice Questions
Q1
Which accounting standard governs the valuation of inventory?
IFRS 15
IAS 2
IFRS 9
IAS 1
Questions & Step-by-Step Solutions
Which accounting standard governs the valuation of inventory?
Steps
Concepts
Step 1: Understand what inventory is. Inventory refers to the goods and materials a business holds for the purpose of resale.
Step 2: Learn about accounting standards. These are rules that guide how financial transactions should be recorded and reported.
Step 3: Identify the specific accounting standard for inventory. The standard that focuses on how to value inventory is called IAS 2.
Step 4: Recognize that IAS 2 provides guidelines on how to measure and report inventory in financial statements.
No concepts available.
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