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Which accounting standard governs the recognition of inventory?
Which accounting standard governs the recognition of inventory?
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Practice Questions
1 question
Q1
Which accounting standard governs the recognition of inventory?
IFRS 15
IAS 2
IFRS 9
IAS 10
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IAS 2 governs the recognition and measurement of inventory.
Questions & Step-by-step Solutions
1 item
Q
Q: Which accounting standard governs the recognition of inventory?
Solution:
IAS 2 governs the recognition and measurement of inventory.
Steps: 4
Show Steps
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.
Step 3: Identify the specific accounting standard for inventory. The standard that deals with inventory is called IAS 2.
Step 4: Know what IAS 2 covers. IAS 2 provides guidelines on how to recognize (record) and measure (value) inventory in financial statements.
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