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TASK 2: Research the IFRS authoritative literature and provide answers to the following questions....

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Accounting

TASK 2:

Research the IFRS authoritative literature and provide answers to the following questions.

Paragraph citations are to be provided with answers where applicable.

1. State the authoritative literature that governs inventory. 1 m

2. Identify three (3) types of assets that are classified as inventory. 4 m 3. What inventories are specifically excluded from this standard?

4. How is the term net realizable value defined as used in the acronym LCNRV.

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