IFRS for SMEs / Section 13: Inventories

Section 13: Inventories

Section 13 measures inventories at the lower of cost and estimated selling price less costs to complete and sell, using FIFO or weighted average cost.

Disclosures to look for

13.22 The policy and cost formula, the carrying amount by class, the amount expensed and any write-downs or reversals.

How Sight applies it

The inventories policy is recommended when an inventory or cost-of-sales account carries a balance.

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