77 paragraphs found in AASB 102
The objective of this Standard is to prescribe the accounting treatment for inventories. A primary issue in accounting for inventories is the amount of cost to be recognised as an asset and carried forward until the related revenues are recognised. This …
This Standard applies to all inventories, except: (a) [deleted] (b) financial instruments (see AASB 132 Financial Instruments: Presentation and AASB 9 Financial Instruments ); and (c) biological assets related to agricultural activity and agricultural …
Notwithstanding paragraph 2 , in respect of not-for-profit entities, this Standard does not apply to work in progress of services to be provided for no or nominal consideration directly in return from the …
This Standard does not apply to the measurement of inventories held by: (a) producers of agricultural and forest products, agricultural produce after harvest, and minerals and mineral products, to the extent that they are measured at net realisable value …
The inventories referred to in paragraph 3(a) are measured at net realisable value at certain stages of production. This occurs, for example, when agricultural crops have been harvested or minerals have been extracted and sale is assured under a forward …
Broker-traders are those who buy or sell commodities for others or on their own account. The inventories referred to in paragraph 3(b) are principally acquired with the purpose of selling in the near future and generating a profit from fluctuations in …
Inventories shall be measured at the lower of cost and net realisable value. …
Notwithstanding paragraph 9 , each not-for-profit entity shall measure inventories held for distribution at cost, adjusted when applicable for any loss of service …
Not-for-profit entities would need to use judgment in determining the factors relevant to the circumstances in assessing whether there is a loss of service potential for inventories held for distribution. For many inventories held for distribution, a loss …
The cost of inventories shall comprise all costs of purchase, costs of conversion and other costs incurred in bringing the inventories to their present location and …