CONTENTS

COMPILATION DETAILS

Comparison With IAS 2

Accounting Standard

AASB 102 Inventories

Paragraphs

Objective 1

Application Aus1.1 – Aus1.7

Reduced Disclosure Requirements Aus1.8 – Aus1.9

Scope 2 – 5

Definitions 6 – Aus8.2

Measurement of Inventories 9 – Aus9.2

Cost of Inventories 10 – Aus10.1

Costs of Purchase 11

Costs of Conversion 12 – 14

Other Costs 15 – 18

Cost of Agricultural Produce Harvested from Biological Assets 20

Techniques for the Measurement of Cost 21 – 22

Cost Formulas 23 – 27

Net Realisable Value 28 – 33

Recognition as an Expense 34 – 35

Disclosure 36 – 39

Effective Date 40C – 40F

Transition Aus42.1 – Aus42.2

DELETED IAS 2 TEXT Page 14

BASIS FOR CONCLUSIONS ON AASB 2007-5 Page 15

BASIS FOR CONCLUSIONS ON IAS 2
(available on the AASB website)

Australian Accounting Standard AASB 102 Inventories (as amended) is set out in paragraphs 1 – Aus42.2. All the paragraphs have equal authority. Terms defined in this Standard are in italics the first time they appear in the Standard. AASB 102 is to be read in the context of other Australian Accounting Standards, including AASB 1048 Interpretation of Standards, which identifies the Australian Accounting Interpretations. In the absence of explicit guidance, AASB 108 Accounting Policies, Changes in Accounting Estimates and Errors provides a basis for selecting and applying accounting policies.