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IAS 08 and IAS 02

Forums › Ask ACCA Tutor Forums › Ask the Tutor ACCA SBR Exams › IAS 08 and IAS 02

  • This topic has 1 reply, 2 voices, and was last updated 5 years ago by Stephen Widberg.
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  • May 15, 2020 at 10:17 am #570930
    abdsuraij
    Member
    • Topics: 1
    • Replies: 0
    • ☆

    In IAS 02, Inventory is recorded at lower of cost or Net realizable value. Net Realizable value is it an accounting estimate or accounting policy according to IAS 08?

    And when the inventory is recorded at NRV from cost. Is it a change in accounting estimate or policy or neither? Because we don’t have an option to choose in IAS 02 it can be neither.

    May 15, 2020 at 5:12 pm #570957
    Stephen Widberg
    Keymaster
    • Topics: 16
    • Replies: 3411
    • ☆☆☆☆☆

    Estimate not policy

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