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IAS 2 allows for two methods of costing, the standard technique and the retail technique. The standard technique requires that inventory be valued at the standard cost of each unit; that is, the usual cost per unit at the normal level of output and efficiency.
IAS 2: Valuation and Presentation of Inventories in the Context of the Historical Cost System (1975) Inventories (1993) 1976 January 1, 1976: IAS 3: Consolidated Financial Statements 1976 January 1, 1977: January 1, 1990: IAS 27 and IAS 28: IAS 4: Depreciation Accounting 1976 January 1, 1977: July 1, 1999: IAS 36: IAS 5: Information to Be ...
Download as PDF; Printable version; ... Pages in category "International Financial Reporting Standards" ... IAS 1; IAS 2; IAS 7; IAS 8; IAS 10; IAS 11; IAS 12; IAS 16 ...
This for example occurred with the adoption of the revised standard IAS 19 (as of 1 January 2013) or when the new consolidation standards IFRS 10-11-12 were adopted (as of 1 January 2013 or 2014 for companies in the European Union). [36]
The IASB originally had 14 full-time Board members, each with one vote. They are selected as a group of experts with a mix of experience of standard-setting, preparing and using accounts, market/financial regulation and academic work as well as from diverse geographical backgrounds. [2]
IFRS 9 began as a joint project between IASB and the Financial Accounting Standards Board (FASB), which promulgates accounting standards in the United States. The boards published a joint discussion paper in March 2008 proposing an eventual goal of reporting all financial instruments at fair value, with all changes in fair value reported in net income (FASB) or profit and loss (IASB). [1]
No. Official title Issued on 1: Codification of Auditing Standards and Procedures full-text: November 1972 2: Reports on Audited Financial Statements full-text: October 1974
AASB 101 Presentation of Financial Statements, AASB 102 Inventories, etc., which incorporate IAS 1 Presentation of Financial Statements, IAS 2 Inventories, etc., being the Standards issued by the International Accounting Standards Committee (IASC), which was the predecessor to the IASB