• 2024 Issued Standard – IAS 2
  The 2024 Issued Standards include all amendments issued up to and including 31 December 2023.

Registration is required to access the free version of the Issued Standards, which do not include additional documents that accompany the full standard (such as illustrative examples, implementation guidance and basis for conclusions).

Note that the Issued Standards contain amendments that have a mandatory effective date that is later than 1 January 2024. Find details of the effective dates of amendments to this Standard in the Recent Amendments section below.

IAS 2 requires that inventories are measured at the lower of cost and net realisable value. ‘Cost’ includes all costs of bringing the item to its current location and condition.

The cost of inventories should be assigned using either the first-in first-out or weighted average cost method.

All amendments issued up to and including 31 December 2023 are included within the IFRS Foundation’s latest version of the issued standard: 2024 Issued Standard – IAS 2. Issued amendments may have a mandatory effective date that is later than 1 January 2024 – see individual amendments for details.

Any amendments issued on or after 1 January 2024 will not be included in the IFRS Foundation’s 2024 Issued Standards but will be listed below and identified as such.

See the Corporate Reporting Faculty’s annual IFRS factsheets for a more detailed discussion of recent IFRS amendments.

• IFRIC 20 Stripping Costs in the Production Phase of a Surface Mine
  IFRIC 20 addresses the accounting treatment of mine waste materials, which are the materials removed by mining entities in order to gain access to mineral ore deposits.
• SIC 32 Intangible Assets – Website Costs
  SIC 32 addresses the appropriate accounting treatment for costs at each stage of the development of a website.