Access the standard
Registration is required to access the free version of the Issued Standards, which do not include additional documents that accompany the full standard (such as illustrative examples, implementation guidance and basis for conclusions).
IAS 2 requires that inventories are measured at the lower of cost and net realisable value. ‘Cost’ includes all costs of bringing the item to its current location and condition.
The cost of inventories should be assigned using either the first-in first-out or weighted average cost method.
Related IFRIC interpretations
The ICAEW Library & Information Service provides full text access to a selection of key business and reference eBooks from leading publishers. eBooks are available to logged-in ICAEW members, ACA students and other entitled users. If you are unable to access an eBook, please see our Help and support advice or contact email@example.com.
In-depth analysis on a range of accounting issues.Access factsheets
Technical Advisory Services
Our experienced advisors can help you with technical questions.Get in touch
Library and Information Service
Expert help with research and access to trustworthy, professional sources.