The only difference between IAS 2 and AASB 102 is that the 'international' standards allow inventory to be valued using LIFO.

Name: The only difference between IAS 2 and AASB 102 is that the 'international' standards allow inventory to be valued using LIFO.
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Quizplus · Accepted Answer

Both IAS 2 and AASB 102 do not allow inventory to be valued using the LIFO (Last In, First Out) method. They both require inventories to be measured at the lower of cost and net realizable value.

The Only Difference Between IAS 2 and AASB 102 Is