IAS 2 / MFRS 102

What would inventories be normally classified as under the Statement of Financial Position?

• Non-Current Assets

• Costs of Goods Sold

• Products

• Current Assets

Which of the following do not fall into the scope of IAS 2 / MFRS 102 Inventories?

• Work in progress materials

• Goods that are bought for sales

• Items bought for use in the administrative office

• Raw materials

Based on IAS 2 / MFRS 102, inventories should be measured at:

• Cost

• Lower of cost and NRV

• Higher of cost and NRV

• NRV

Can conversion costs be included in the measurement of costs of inventories?

• NO

• YES

Which of the following cost conventions are not allowed under IAS 2 / MFRS 102?

• FIFO

• LIFO

• Weighted Average

• Specific costs

Can the inventory be recorded at cost when its NRV is lower?

• YES

• NO

Can write down of inventories be reversed?

• YES

• NO