1. IAS 2, Inventories (FRS 102 s13)

Question 1

Define Inventories

Answer 1

Inventories are current assets that are held for sale in the ordinary course of business. They can include:
- Goods purchased and held for resale
- Finished goods
- Work in progress
- Raw materials

Question 2

What standard prescribes the accounting treatment for inventories?

Answer 2

International Accounting Standard 2 (IAS2)