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1、International Accounting Standard 2 InventoriesIAS 2International Accounting Standard 2InventoriesThis version includes amendments resulting from IFRSs issued up to 17 January 2008.IAS 2 Inventories was issued by the International Accounting Standards Committee inDecember 1993. It replaced IAS 2 Val
2、uation and Presentation of Inventories in the Context of theHistorical Cost System (originally issued in October 1975).The Standing Interpretations Committee developed SIC-1 ConsistencyDifferent Cost Formulasfor Inventories, which was issued in December 1997. Limited amendments to IAS 2 were made in
3、 1999 and 2000.In April 2001 the International Accounting Standards Board (IASB) resolved that allStandards and Interpretations issued under previous Constitutions continued to beapplicable unless and until they were amended or withdrawn.In December 2003 the IASB issued a revised IAS 2, which also r
4、eplaced SIC-1.IAS 2 was amended by IFRS 8 Operating Segments (issued November 2006).The following Interpretation refers to IAS 2:?SIC-32 Intangible AssetsWeb Site Costs (issued March 2002 and subsequently amended).? IASCF961IAS 2CONTENTSparagraphsINTRODUCTIONIN1IN17INTERNATIONAL ACCOUNTING STANDARD
5、2INVENTORIESOBJECTIVE1SCOPE25DEFINITIONS68MEASUREMENT OF INVENTORIES933Cost of inventories1022Costs of purchase11Costs of conversion1214Other costs1518Cost of inventories of a service provider19Cost of agricultural produce harvested from biological assets20Techniques for the measurement of cost2122C
6、ost formulas2327Net realisable value2833RECOGNITION AS AN EXPENSE3435DISCLOSURE3639EFFECTIVE DATE40WITHDRAWAL OF OTHER PRONOUNCEMENTS4142APPENDIXAmendments to other pronouncementsAPPROVAL OF IAS 2 BY THE BOARDBASIS FOR CONCLUSIONS?962 IASCFIAS 2International Accounting Standard 2 Inventories (IAS 2)
7、 is set out in paragraphs 142 andthe Appendix. All the paragraphs have equal authority but retain the IASC format of theStandard when it was adopted by the IASB. IAS 2 should be read in the context of itsobjective and the Basis for Conclusions, the Preface to International Financial ReportingStandar
8、ds and the Framework for the Preparation and Presentation of Financial Statements.IAS8Accounting Policies, Changes in Accounting Estimates and Errors provides a basis forselecting and applying accounting policies in the absence of explicit guidance. ? IASCF963IAS 2IntroductionIN1International Accoun
9、ting Standard 2 Inventories (IAS 2) replaces IAS 2 Inventories(revised in 1993) and should be applied for annual periods beginning on or after1 January 2005. Earlier application is encouraged. The Standard also supersedesSIC-1 ConsistencyDifferent Cost Formulas for Inventories. Reasons for revising
10、IAS 2IN2The International Accounting Standards Board developed this revised IAS 2 aspart of its project on Improvements to International Accounting Standards.The project was undertaken in the light of queries and criticisms raised inrelation to the Standards by securities regulators, professional ac
11、countantsand other interested parties. The objectives of the project were to reduce oreliminate alternatives, redundancies and conflicts within the Standards, todeal with some convergence issues and to make other improvements.IN3For IAS 2 the Boards main objective was a limited revision to reduce al
12、ternativesfor the measurement of inventories. The Board did not reconsider thefundamental approach to accounting for inventories contained in IAS 2.The main changesIN4The main changes from the previous version of IAS 2 are described below.Objective and scopeIN5The objective and scope paragraphs of I
13、AS 2 were amended by removing thewords held under the historical cost system, to clarify that the Standard appliesto all inventories that are not specifically excluded from its scope.Scope clarificationIN6The Standard clarifies that some types of inventories are outside its scope whilecertain other
14、types of inventories are exempted only from the measurementrequirements in the Standard.IN7Paragraph 3 establishes a clear distinction between those inventories that areentirely outside the scope of the Standard (described in paragraph 2) and thoseinventories that are outside the scope of the measur
15、ement requirements butwithin the scope of the other requirements in the Standard. ?964 IASCFIAS 2Scope exemptionsProducers of agricultural and forest products, agricultural produce after harvest and minerals and mineral productsIN8The Standard does not apply to the measurement of inventories of prod
16、ucers ofagricultural and forest products, agricultural produce after harvest, and mineralsand mineral products, to the extent that they are measured at net realisable valuein accordance with well-established industry practices. The previous version ofIAS 2 was amended to replace the words mineral or
17、es with minerals andmineral products to clarify that the scope exemption is not limited to the earlystage of extraction of mineral ores.Inventories of commodity broker-tradersIN9The Standard does not apply to the measurement of inventories of commoditybroker-traders to the extent that they are measu
18、red at fair value less costs to sell.Cost of inventoriesCosts of purchaseIN10IAS 2 does not permit exchange differences arising directly on the recentacquisition of inventories invoiced in a foreign currency to be included in thecosts of purchase of inventories. This change from the previous version
19、 of IAS 2resulted from the elimination of the allowed alternative treatment of capitalisingcertain exchange differences in IAS 21 The Effects of Changes in Foreign Exchange Rates.That alternative had already been largely restricted in its application by SIC-11Foreign ExchangeCapitalisation of Losses
20、 from Severe Currency Devaluations. SIC-11 hasbeen superseded as a result of the revision of IAS 21 in 2003.Other costsIN11Paragraph 18 was inserted to clarify that when inventories are purchased withdeferred settlement terms, the difference between the purchase price for normalcredit terms and the
21、amount paid is recognised as interest expense over theperiod of financing.Cost formulasConsistencyIN12The Standard incorporates the requirements of SIC-1 ConsistencyDifferent CostFormulas for Inventories that an entity use the same cost formula for all inventorieshaving a similar nature and use to t
22、he entity. SIC-1 is superseded. Prohibition of LIFO as a cost formulaIN13The Standard does not permit the use of the last-in, first-out (LIFO) formula tomeasure the cost of inventories.? IASCF965IAS 2Recognition as an expenseIN14The Standard eliminates the reference to the matching principle.IN15The
23、 Standard describes the circumstances that would trigger a reversal of awrite-down of inventories recognised in a prior period.DisclosureInventories carried at fair value less costs to sellIN16The Standard requires disclosure of the carrying amount of inventories carried atfair value less costs to s
24、ell.Write-down of inventoriesIN17The Standard requires disclosure of the amount of any write-down of inventoriesrecognised as an expense in the period and eliminates the requirement to disclosethe amount of inventories carried at net realisable value.?966 IASCFIAS 2International Accounting Standard
25、2InventoriesObjective1The objective of this Standard is to prescribe the accounting treatment forinventories. A primary issue in accounting for inventories is the amount of costto be recognised as an asset and carried forward until the related revenues arerecognised. This Standard provides guidance
26、on the determination of cost and itssubsequent recognition as an expense, including any write-down to net realisablevalue. It also provides guidance on the cost formulas that are used to assign coststo inventories.Scope2This Standard applies to all inventories, except: (a)work in progress arising un
27、der construction contracts, including directlyrelated service contracts (see IAS 11 Construction Contracts); (b)financial instruments (see IAS 32 Financial Instruments: Presentation andIAS39 Financial Instruments: Recognition and Measurement); and(c)biological assets related to agricultural activity
28、 and agricultural produce atthe point of harvest (see IAS 41 Agriculture). 3This Standard does not apply to the measurement of inventories held by: (a)producers of agricultural and forest products, agricultural produce afterharvest, and minerals and mineral products, to the extent that they aremeasu
29、red at net realisable value in accordance with well-establishedpractices in those industries. When such inventories are measured at netrealisable value, changes in that value are recognised in profit or loss in theperiod of the change.(b)commodity broker-traders who measure their inventories at fair
30、 value lesscosts to sell. When such inventories are measured at fair value less costs tosell, changes in fair value less costs to sell are recognised in profit or loss inthe period of the change.4The inventories referred to in paragraph 3(a) are measured at net realisable valueat certain stages of p
31、roduction. This occurs, for example, when agricultural cropshave been harvested or minerals have been extracted and sale is assured under aforward contract or a government guarantee, or when an active market exists andthere is a negligible risk of failure to sell. These inventories are excluded from
32、only the measurement requirements of this Standard.5Broker-traders are those who buy or sell commodities for others or on their ownaccount. The inventories referred to in paragraph 3(b) are principally acquiredwith the purpose of selling in the near future and generating a profit from? IASCF967IAS 7
33、2fluctuations in price or broker-traders margin. When these inventories aremeasured at fair value less costs to sell, they are excluded from only themeasurement requirements of this Standard.Definitions6The following terms are used in this Standard with the meanings specified: Inventories are assets
34、:(a)held for sale in the ordinary course of business;(b)in the process of production for such sale; or(c)in the form of materials or supplies to be consumed in the productionprocess or in the rendering of services.Net realisable value is the estimated selling price in the ordinary course of business
35、less the estimated costs of completion and the estimated costs necessary to makethe sale.Fair value is the amount for which an asset could be exchanged, or a liabilitysettled, between knowledgeable, willing parties in an arms length transaction.7Net realisable value refers to the net amount that an
36、entity expects to realisefromthe sale of inventory in the ordinary course of business. Fair value reflectsthe amount for which the same inventory could be exchanged betweenknowledgeable and willing buyers and sellers in the marketplace. The former isan entity-specific value; the latter is not. Net r
37、ealisable value for inventories maynot equal fair value less costs to sell.8Inventories encompass goods purchased and held for resale including, forexample, merchandise purchased by a retailer and held for resale, or land andother property held for resale. Inventories also encompass finished goodspr
38、oduced, or work in progress being produced, by the entity and includematerials and supplies awaiting use in the production process. In the case of aservice provider, inventories include the costs of the service, as described inparagraph 19, for which the entity has not yet recognised the related rev
39、enue(seeIAS 18 Revenue). Measurement of inventories9Inventories shall be measured at the lower of cost and net realisable value. Cost of inventories10The cost of inventories shall comprise all costs of purchase, costs of conversionand other costs incurred in bringing the inventories to their present
40、 location andcondition.?968 IASCFIAS 2Costs of purchase11The costs of purchase of inventories comprise the purchase price, import dutiesand other taxes (other than those subsequently recoverable by the entity from thetaxing authorities), and transport, handling and other costs directly attributablet
41、o the acquisition of finished goods, materials and services. Trade discounts,rebates and other similar items are deducted in determining the costs ofpurchase. Costs of conversion12The costs of conversion of inventories include costs directly related to the units ofproduction, such as direct labour.
42、They also include a systematic allocation offixed and variable production overheads that are incurred in convertingmaterials into finished goods. Fixed production overheads are those indirectcosts of production that remain relatively constant regardless of the volume ofproduction, such as depreciati
43、on and maintenance of factory buildings andequipment, and the cost of factory management and administration. Variableproduction overheads are those indirect costs of production that vary directly, ornearly directly, with the volume of production, such as indirect materials andindirect labour.13The a
44、llocation of fixed production overheads to the costs of conversion is basedon the normal capacity of the production facilities. Normal capacity is theproduction expected to be achieved on average over a number of periods orseasons under normal circumstances, taking into account the loss of capacityr
45、esulting from planned maintenance. The actual level of production may be usedif it approximates normal capacity. The amount of fixed overhead allocated toeach unit of production is not increased as a consequence of low production oridle plant. Unallocated overheads are recognised as an expense in th
46、e period inwhich they are incurred. In periods of abnormally high production, the amountof fixed overhead allocated to each unit of production is decreased so thatinventories are not measured above cost. Variable production overheads areallocated to each unit of production on the basis of the actual
47、 use of theproduction facilities.14A production process may result in more than one product being producedsimultaneously. This is the case, for example, when joint products are producedor when there is a main product and a by-product. When the costs of conversionof each product are not separately id
48、entifiable, they are allocated between theproducts on a rational and consistent basis. The allocation may be based, forexample, on the relative sales value of each product either at the stage in theproduction process when the products become separately identifiable, or at thecompletion of production
49、. Most by-products, by their nature, are immaterial.When this is the case, they are often measured at net realisable value and thisvalue is deducted from the cost of the main product. As a result, the carryingamount of the main product is not materially different from its cost.? IASCF969IAS 2Other costs15Other costs are included in the cost of inventories only to the extent that they areincurred in bringing the inventories to their present location and condition.Forexample,