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It provides guidance not only for determining the cost of inventories and for subsequently recognising an expense, involving any write-down to net realisable value, but also on the cost formulas that are used to assign costs to inventories.
The definition of Inventories in IAS 2 includes work in process (assets in the production process for sale in the ordinary course of business), finished goods (assets held for sale in the ordinary course of business) and raw materials (materials and supplies that are consumed in production). [IAS 2.6]
As the fundamental Principle of IAS 2, Inventories should be measured at the lower of cost and net realisable value (which is the estimated selling price in the ordinary course of business less the estimated costs of completion and the estimated costs necessary to make the sale)...
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