"International Financial Reporting Standard for Inventories - IND AS 2" CA FINAL SUMMARY NOTES

PERFECT CRISP AND COMPLETE INFORMATION ABOUT IND AS 2 INVENTORIES FOR CA/CMA/CFA STUDENTS IND AS 2, or the Indian Accounting Standard 2, is a document that provides guidance on the accounting treatment of inventories. Inventories are goods that a business holds for sale in the ordinary course of its operations or that are used in the production of goods to be sold. They are usually the largest current asset of a business and include raw materials, work in progress, finished goods, and goods for resale. The standard requires that inventories be measured at the lower of cost and net realizable value (NRV). Cost includes all costs of purchase, costs of conversion, and other costs incurred in bringing the inventories to their present location