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Inventory – NRV and Fair value less costs sell

Forums › Ask ACCA Tutor Forums › Ask the Tutor ACCA FA – FIA FFA › Inventory – NRV and Fair value less costs sell

  • This topic has 1 reply, 2 voices, and was last updated 2 years ago by John Moffat.
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  • November 8, 2022 at 4:01 am #670947
    Vanco
    Participant
    • Topics: 2
    • Replies: 1
    • ☆

    Dear sir, IAS 2 state that “Net realisable value for inventories may not equal fair value less costs to sell” means sometime NRV equal FV less costs to sell, doesn’t it?

    Please advise me. Thanks in advance.

    November 8, 2022 at 8:01 am #670966
    John Moffat
    Keymaster
    • Topics: 57
    • Replies: 54704
    • ☆☆☆☆☆

    The net realisable value is the estimated selling price in the ordinary course of business less the estimated costs of completion and the estimated costs necessary to make the sale.

    IAS 2 states that inventory must be valued at the lower of cost and NRV.

    This is all explained in my free lectures on the valuation of inventory.

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