Authority and currency
About this authority
- Publisher
- IFRS Foundation
- Standing
- Primary authority
- Version
- IAS 2 overview accessed 2026-08-08
- Relevant parts
- About IAS 2; cost, cost formulas, subsequent measurement, and expense-recognition summary
- Currency
- current · checked Sep 27, 2026
IAS 2 measures inventory at the lower of cost and net realisable value and identifies specific identification, FIFO, and weighted-average cost formulas within their stated scopes. The comparison lesson uses this source to explain why US-GAAP LIFO and LIFO-related measurement cannot be silently carried into an IFRS answer.