Inventories (IAS 2)
· Expense recognition
In IFRS, during the selling of an inventory, the carrying amount that is attracted by the inventory in question will be an expense recognized in the same period in which revenue in its relation will be recognized. This too, applies in GAAP.
The losses that are attracted by an inventory as well as write-down amounts experienced in inventories to the net realizable value are considered and recognized as an expense in the same period that the losses or the write-downs take place. A reversal in the write-down amounts of inventories, which come about as a result of the net realizable value increasing, will be
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