Asked by Tasha Christina on May 16, 2024
Verified
Inventories are defined by IFRS as
A) held-for-sale in the ordinary course of business.
B) in the process of production for sale in the ordinary course of business.
C) in the form of materials or supplies to be consumed in the production process or in the providing of services.
D) All of these answers are correct.
IFRS
International Financial Reporting Standards, a set of accounting standards that provide a global framework for how public companies prepare and disclose their financial statements.
- Gain an understanding of the diverse inventory valuation approaches and how they influence financial reports.
Verified Answer
VP
Vanessa PonceMay 19, 2024
Final Answer :
D
Explanation :
IFRS defines inventories as all of the above - items held for sale, items currently in production for sale, and materials/supplies to be used in production or services.
Learning Objectives
- Gain an understanding of the diverse inventory valuation approaches and how they influence financial reports.
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