Document ID: chunk:federal_register_of_legislation:F2022C00496:body:0:p1
Version: federal_register_of_legislation:F2022C00496
Segment Type: other
Provision Reference: 
Character Range: 0–3265

Compiled AASB Standard  AASB 102

Inventories

This compiled Standard applies to annual periods beginning on or after 1 January 2022.  Earlier application is permitted for annual periods beginning after 24 July 2014 but before 1 January 2022.  It incorporates relevant amendments made up to and including 20 December 2021.
Prepared on 7 April 2022 by the staff of the Australian Accounting Standards Board.
Compilation no. 3

Compilation date:  31 December 2021

Obtaining copies of Accounting Standards
Compiled versions of Standards, original Standards and amending Standards (see Compilation Details) are available on the AASB website: www.aasb.gov.au.
Australian Accounting Standards Board
PO Box 204
Collins Street West
Victoria   8007
AUSTRALIA

Phone: (03) 9617 7600
E-mail: standard@aasb.gov.au
Website: www.aasb.gov.au

Other enquiries
Phone: (03) 9617 7600
E-mail: standard@aasb.gov.au

COPYRIGHT
© Commonwealth of Australia 2022
This compiled AASB Standard contains IFRS Foundation copyright material.  Reproduction within Australia in unaltered form (retaining this notice) is permitted for personal and non-commercial use subject to the inclusion of an acknowledgment of the source.  Requests and enquiries concerning reproduction and rights for commercial purposes within Australia should be addressed to The National Director, Australian Accounting Standards Board, PO Box 204, Collins Street West, Victoria 8007.
All existing rights in this material are reserved outside Australia.  Reproduction outside Australia in unaltered form (retaining this notice) is permitted for personal and non-commercial use only.  Further information and requests for authorisation to reproduce for commercial purposes outside Australia should be addressed to the IFRS Foundation at www.ifrs.org.

Contents

COMPARISON WITH IAS 2
ACCOUNTING STANDARD
AASB 102 INVENTORIES

 from paragraph
Objective 1
Scope 2
Definitions 6
Measurement of inventories 9
Cost of inventories 10
Costs of purchase 11
Costs of conversion 12
Other costs 15
Cost of inventories of a service provider
Cost of agricultural produce harvested from biological assets 20
Techniques for the measurement of cost 21
Cost formulas 23
Net realisable value 28
Recognition as an expense 34
Disclosure 36
Effective date 40
Withdrawal of other pronouncements
Transition Aus42.1
Commencement of the legislative instrument
Withdrawal of AASB pronouncements Aus42.4
Appendices
A  Australian defined terms
B  Australian simplified disclosures for Tier 2 entities
COMPILATION DETAILS
Deleted IAS 2 Text
Basis for Conclusions on AASB 2007-5

Available on the AASB Website
Basis for Conclusions on IAS 2

Australian Accounting Standard AASB 102 Inventories (as amended) is set out in paragraphs 1 – Aus42.4 and Appendices A and B.  All the paragraphs have equal authority.  Paragraphs in bold type state the main principles.  AASB 102 is to be read in the context of other Australian Accounting Standards, including AASB 1048 Interpretation of Standards, which identifies the Australian Accounting Interpretations, and AASB 1057 Application of Australian Accounting Standards.  In the absence of explicit guidance, AASB