International Accounting Standards 2 (Inventories)

The objective of this standard is to prescribe the accounting treatment for inventories. The IAS 2 applies to all inventories except:
a) Work in progress arising under construction contracts including directly related service contracts (covered by IAS 11 Construction contracts )

b) Financial instruments (IAS 32 financial instruments, presentation and IFRS 9 financial instruments)

c) Biological assets related to agricultural activity and agricultural produce at the point of harvest
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