Investor Presentaiton
CAT
THE INSTITUTE OF
CHARTERED ACCOUNTANTS OF SRI LANKA
Overview
1. Introduction - Scope & definitions
2. Recognition as an expense
3. Measurement
4. Disclosures
Objective:
Prescribe the
accounting
treatment for
inventories
CAT
THE INSTITUTE OF
CHARTERED ACCOUNTANTS OF SRI LANKA
Introduction - Scope & definitions
.
LKAS 2 applies to all inventories, except:
(a) Work in progress under construction contracts
(b) Financial instruments
(c) Biological assets related to agricultural activity
(d) Agricultural produce at point of harvest
LKAS 2 applies to measurement of all inventories within scope,
except :
•
•
Agricultural and forest products, agricultural produce
after harvest and minerals & mineral products to extent
measured at net realizable value
Inventories of commodity brokers measured at fair value
less costs to sell.
10/31/2016
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