Financial Accounting and Reporting An International Approach
Quiz 7: Inventory
A company engaged in buying and selling equity securities should consider this asset as inventory and should be accounted for in accordance with IAS 2.
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The only difference between IAS 2 and company law is that the 'international' standards allow inventory to be valued using LIFO.
The measurement of inventories is no different for not-for-profit entities.
Perpetual inventory system is also known as the physical inventory method.
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