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AASB 102 - Inventories - July 2004
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Turn the raw legal text into a practical explanation grounded in AASB 102 - Inventories - July 2004.
BC1 For reporting periods beginning prior to 1 January 2005, under AASB 1019 Inventories (now superseded by AASB 102 Inventories), inventories were defined only in terms of items held for sale or in the process of sale. The treatment of items in the nature of inventories that were not held for sale needed to be determined by analogy because they were not explicitly covered by AASB 1019.
BC2 Inventories held for distribution by not-for-profit entities were scoped into AASB 102, issued in July 2004, and were required to be measured at the lower of cost and current replacement cost.
BC3 This is the same as the requirement in the International Public Sector Accounting Standards Board’s IPSAS 12 Inventories issued in July 2001. (IPSAS 12 has since been revised in December 2006 for application from 1 January 2008.)
BC4 The Board notes that inventories held for distribution do not include major spare parts and stand-by equipment that qualify as property, plant and equipment, which are discussed in AASB 116 Property, Plant and Equipment at paragraphs 8 and 12.