AASB 102 - Inventories - July 2004
Comparison with IAS 2Comparison with IAS 2
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Comparison with IAS 2
AASB 102 and IAS 2
AASB 102 Inventories as amended incorporates IAS 2 Inventories as issued and amended by the International Accounting Standards Board (IASB). Paragraphs that have been added to this Standard (and do not appear in the text of IAS 2) are identified with the prefix “Aus”, followed by the number of the preceding IASB paragraph and decimal numbering. Paragraphs that apply only to not-for-profit entities begin by identifying their limited applicability.
Compliance with IAS 2
For-profit entities that comply with AASB 102 as amended will simultaneously be in compliance with IAS 2 as amended.
Not-for-profit entities using the added “Aus” paragraphs in the Standard that specifically apply to not-for-profit entities may not be simultaneously complying with IAS 2. Whether a not-for-profit entity will be in compliance with IAS 2 will depend on whether the “Aus” paragraphs provide additional guidance for not-for-profit entities or contain requirements that are inconsistent with the corresponding IASB Standard and will be applied by the not-for-profit entity.