Username:
Password:
Forgot Password?

AASB 102 - Inventories
Print this Article Print this Article
Email this Article

Summary 
Developments, Key Differences & History 
Compared to IFRS 
Interpretations 
Rejection Notices 
Questions & Answers 
Articles 
AASB website 

 
AASB 102 compared to IAS 2 
 
Additions 
Aus 1.1  
Which entities AASB 102 applies to.  
 
Aus 1.2  
The application date of AASB 102, ie. annual periods beginning 1 January 2005.  
 
Aus 1.3  
Prohibits early application of AASB 102. 
 
Aus 1.4  
Makes the requirements of AASB 102 subject to AASB 1031 Materiality.  
 
Aus 1.5  
Explains which standards have been superseded by AASB 102.  
 
Aus 1.6  
Clarifies that the superseded standards apply until AASB 102 applies.  
 
Aus 1.7  
Notice of Standard published as required on 22 July 2004. 
 
Aus 2.1  
Excludes certain inventories of not-for-profit entities.  
 
Aus 6.1  
ets out the not-for-profit definitions of ‘not-for-profit entity’, ‘current replacement cost’ and ‘inventories held for distribution’.  
 
Aus 8.1  
Explanation of why current replacement cost rather than net realisable value is appropriate for inventories held for distribution by not-for-profit entities.  
 
Aus 8.2  
Clarifies that measurement of replacement cost by not-for-profit entities must reflect obsolescence or impairment.  
 
Aus 9.1  
Measurement rule for inventories held for distribution by not-for-profit entities. 
 
Aus 9.2  
Includes guidance for not-for-profit entities. 
 
Aus 10.1  
Deemed cost of inventories acquired by not-for-profit entities at no or nominal consideration is replacement cost.  
 
Aus 34.1  
Expense recognition rules for inventories held for distribution by not-for-profit entities.  
 
Aus 36.1  
Required inventory disclosures in respect of not-for-profit entities.  
 
Aus 42.1  
Transitional rules for not-for-profit entities. 
 
Aus 42.2  
Guidance on the treatment of adjustments arising from paragraph 42.1. 
 
Deletions 
40  
Effective date of IAS 2 not relevant to Australia  
 
41  
Reference to superseded IAS 2  
 
42  
Reference to superseded SIC 1 Consistency – Different Cost Formulas for Inventories