Question

Provide the history, overview and objective of the standard that provides guidance on the measurement and recognition of inventory

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Answer 1

Answer:

Given Question,

Provide the history, overview and objective of the standard that provides guidance on the measurement and recognition of inventory.

Answer:

Review:

IAS 2 Inventories contains the necessities on the best way to represent most kinds of stock. The standard expects inventories to be estimated at the lower of expense and net feasible esteem and frameworks adequate techniques for deciding cost, incorporating particular ID First In First Out (FIFO) and weighted normal expense.

Objective:

The target of is to endorse the bookkeeping treatment for inventories. It gives direction to deciding the expense of inventories and for accordingly perceiving a cost, including any record to net feasible esteem. It additionally gives direction on the cost recipes that are utilized to appoint expenses to inventories.