FRS2.docx

FRS2.docx

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FRS2

Financial

ReportingStandard

FRS2

Inventories

FRS2InventorieswasissuedbytheCCDGinJanuary2003andwasoperativeforfinancialstatementscoveringperiodsbeginningonorafter1July1997.ThisStandardwasrevisedinJuly2004andsupersedesFRS2InventoriesissuedinJanuary2003.ConsequentialamendmentsweremadeinFebruary2007.

Contents

paragraphs

INTRODUCTIONIN1-IN17

FinancialReportingStandard2

Inventories

OBJECTIVE1

SCOPE2-5

DEFINITIONS6-8

MEASUREMENTOFINVENTORIES9-33

CostofInventories10-22

CostsofPurchase11

CostsofConversion12-14

OtherCosts15-18

CostofInventoriesofaServiceProvider19

CostofAgriculturalProduceHarvestedfromBiologicalAssets20

TechniquesfortheMeasurementofCost21-22

CostFormulas23-27

NetRealisableValue28-33

RECOGNITIONASANEXPENSE34-35

DISCLOSURE36-39

EFFECTIVEDATE40

WITHDRAWALOFOTHERPRONOUNCEMENTS41-42

APPENDIX:

AmendmentstoOtherPronouncements

TABLEOFCONCORDANCE

FinancialReportingStandard2Inventories（FRS2）issetoutinparagraphs1-42andtheAppendix.Alltheparagraphshaveequalauthority.FRS2shouldbereadinthecontextofitsobjective,thePrefacetoFinancialReportingStandardsandtheFrameworkforthePreparationandPresentationofFinancialStatements.FRS8AccountingPolicies,ChangesinAccountingEstimatesandErrorsprovidesabasisforselectingandapplyingaccountingpoliciesintheabsenceofexplicitguidance.

Introduction

IN1.FinancialReportingStandard2Inventories（FRS2）replacesFRS2Inventories（issuedin2003）andshouldbeappliedforannualperiodsbeginningonorafter1January2005.Earlierapplicationisencouraged.TheStandardalsosupersedesINTFRS1Consistency—DifferentCostFormulasforInventories.

ReasonsforRevisingFRS2

IN2.TheCouncilonCorporateDisclosureandGovernanceissuedthisrevisedFRS2aspartoftheimprovementstoFinancialReportingStandards.Theobjectivesoftheimprovementsweretoreduceoreliminatealternatives,redundanciesandconflictswithintheStandards,todealwithsomeconvergenceissuesandtomakeotherimprovements.

IN3.ForFRS2,themainobjectivewasalimitedrevisiontoreducealternativesforthemeasurementofinventories.ThefundamentalapproachtoaccountingforinventoriescontainedinFRS2wasnotconsidered.

TheMainChanges

IN4.ThemainchangesfromthepreviousversionofFRS2aredescribedbelow.

ObjectiveandScope

IN5.TheobjectiveandscopeparagraphsofFRS2wereamendedbyremovingthewords‘heldunderthehistoricalcostsystem’,toclarifythattheStandardappliestoallinventoriesthatarenotspecificallyexcludedfromitsscope.

ScopeClarification

IN6.TheStandardclarifiesthatsometypesofinventoriesareoutsideitsscopewhilecertainothertypesofinventoriesareexemptedonlyfromthemeasurementrequirementsintheStandard.

IN7.Paragraph3establishesacleardistinctionbetweenthoseinventoriesthatareentirelyoutsidethescopeoftheStandard（describedinparagraph2）andthoseinventoriesthatareoutsidethescopeofthemeasurementrequirementsbutwithinthescopeoftheotherrequirementsintheStandard.

ScopeExemptions

Producersofagriculturalandforestproducts,agriculturalproduceafterharvestandmineralsandmineralproducts

IN8.TheStandarddoesnotapplytothemeasurementofinventoriesofproducersofagriculturalandforestproducts,agriculturalproduceafterharvest,andmineralsandmineralproducts,totheextentthattheyaremeasuredatnetrealisablevalueinaccordancewithwell-establishedindustrypractices.ThepreviousversionofFRS2wasamendedtoreplacethewords‘mineralores’with‘mineralsandmineralproducts’toclarifythatthescopeexemptionisnotlimitedtotheearlystageofextractionofmineralores.

Inventoriesofcommoditybroker-traders

IN9.TheStandarddoesnotapplytothemeasurementofinventoriesofcommoditybroker-traderstotheextentthattheyaremeasuredatfairvaluelesscoststosell.

CostofInventories

Costsofpurchase

IN10.FRS2doesnotpermitexchangedifferencesarisingdirectlyontherecentacquisitionofinventoriesinvoicedinaforeigncurrencytobeincludedinthecostsofpurchaseofinventories.ThischangefromthepreviousversionofFRS2resultedfromtheeliminationoftheallowedalternativetreatmentofcapitalisingcertainexchangedifferencesinFRS21TheEffectsofChangesinForeignExchangeRates.ThatalternativehadalreadybeenlargelyrestrictedinitsapplicationbyINTFRS11ForeignExchange—CapitalisationofLossesfromSevereCurrencyDevaluations.INTFRS11hasbeensupersededasaresultoftherevisionofFRS21in2004.

Othercosts

IN11.Paragraph18wasinsertedtoclarifythatwheninventoriesarepurchasedwithdeferredsettlementterms,thedifferencebetweenthepurchasepricefornormalcredittermsandtheamountpaidisrecognisedasinterestexpenseovertheperiodoffinancing.

CostFormulas

Consistency

IN12.TheStandardincorporatestherequirementsofINTFRS1Consistency—DifferentCostFormulasforInventoriesthatanentityusethesamecostformulaforallinventorieshavingasimilarnatureandusetotheentity.INTFRS1issuperseded.

ProhibitionofLIFOasacostformula

IN13.TheStandarddoesnotpermittheuseofthelast-in,first-out（LIFO）formulatomeasurethecostofinventories.

RecognitionasanExpense

IN14.TheStandardeliminatesthereferencetothematchingprinciple.

IN15.TheStandarddescribesthecircumstancesthatwouldtriggerareversalofawrite-downofinventoriesrecognisedinapriorperiod.

Disclosure

Inventoriescarriedatfairvaluelesscoststosell

IN16.TheStandardrequiresdisclosureofthecarryingamountofinventoriescarriedatfairvaluelesscoststosell.

Write-downofinventories

IN17.TheStandardrequiresdisclosureoftheamountofanywrite-downofinventoriesrecognisedasanexpenseintheperiodandeliminatestherequirementtodisclosetheamountofinventoriescarriedatnetrealisablevalue.

FINANCIALREPORTINGSTANDARDFRS2

Inventories

Objective

1.TheobjectiveofthisStandardistoprescribetheaccountingtreatmentforinventories.Aprimaryissueinaccountingforinventoriesistheamountofcosttoberecognisedasanassetandcarriedforwarduntiltherelatedrevenuesarerecognised.ThisStandardprovidesguidanceonthedeterminationofcostanditssubsequentrecognitionasanexpense,includinganywrite-downtonetrealisablevalue.Italsoprovidesguidanceonthecostformulasthatareusedtoassigncoststoinventories.

Scope

2.ThisStandardappliestoallinventories,except:

（a）workinprogressarisingunderconstructioncontracts,includingdirectlyrelatedservicecontracts（seeFRS11ConstructionContracts）;

（b）financialinstruments;and

（c）biologicalassetsrelatedtoagriculturalactivityandagriculturalproduceatthepointofharvest（seeFRS41Agriculture）.

3.ThisStandarddoesnotapplytothemeasurementofinventoriesheldby:

（a）producersofagriculturalandforestproducts,agriculturalproduceafterharvest,andmineralsandmineralproducts,totheextentthattheyaremeasuredatnetrealisablevalueinaccordancewithwell-establishedpracticesinthoseindustries.Whensuchinventoriesaremeasuredatnetrealisablevalue,changesinthatvaluearerecognisedinprofitorlossintheperiodofthechange.

（b）commoditybroker-traderswhomeasuretheirinventoriesatfairvaluelesscoststosell.Whensuchinventoriesaremeasuredatfairvaluelesscoststosell,changesinfairvaluelesscoststosellarerecognisedinprofitorlossintheperiodofthechange.

4.Theinventoriesreferredtoinparagraph3（a）aremeasuredatnetrealisablevalueatcertainstagesofproduction.Thisoccurs,forexample,whenagriculturalcropshavebeenharvestedormineralshavebeenextractedandsaleisassuredunderaforwardcontractoragovernmentguarantee,orwhenanactivemarketexistsandthereisanegligibleriskoffailuretosell.TheseinventoriesareexcludedfromonlythemeasurementrequirementsofthisStandard.

5.Broker-tradersarethosewhobuyorsellcommoditiesforothersorontheirownaccount.Theinventoriesreferredtoinparagraph3（b）areprincipallyacquiredwiththepurposeofsellinginthenearfutureandgeneratingaprofitfromfluctuationsinpriceorbroker-traders’margin.Whentheseinventoriesaremeasuredatfairvaluelesscoststosell,theyareexcludedfromonlythemeasurementrequirementsofthisStandard.

Definitions

6.ThefollowingtermsareusedinthisStandardwiththemeaningsspecified:

Inventoriesareassets:

（a）heldforsaleintheordinarycourseofbusiness;

（b）intheprocessofproductionforsuchsale;or

（c）intheformofmaterialsorsuppliestobeconsumedintheproductionprocessorintherenderingofservices.

Netrealisablevalueistheestimatedsellingpriceintheordinarycourseofbusinesslesstheestimatedcostsofcompletionandtheestimatedcostsnecessarytomakethesale.

Fairvalueistheamountforwhichanassetcouldbeexchanged,oraliabilitysettled,betweenknowledgeable,willingpartiesinanarm’slengthtransaction.

7.Netrealisablevaluereferstothenetamountthatanentityexpectstorealisefromthesaleofinventoryintheordinarycourseofbusiness.Fairvaluereflectstheamountforwhichthesameinventorycouldbeexchangedbetweenknowledgeableandwillingbuyersandsellersinthemarketplace.Theformerisanentity-specificvalue;thelatterisnot.Netrealisablevalueforinventoriesmaynotequalfairvaluelesscoststosell.

8.Inventoriesencompassgoodspurchasedandheldforresaleincluding,fo