Inventories are defined by IFRS asA) held-for-sale in the ordinary course of business.B) in the process of production for sale in the ordinary course of business.C) in the form of materials or supplies to be consumed in the production process or in the providing of services.D) All of these answers are correct.

Question

Inventories are defined by IFRS asA)  held-for-sale in the ordinary course of business.B)  in the process of production for sale in the ordinary course of business.C)  in the form of materials or supplies to be consumed in the production process or in the providing of services.D)  All of these answers are correct.

Vanessa Ponce · Accepted Answer

Final Answer : D, Explanation :  IFRS defines inventories as all of the above - items held for sale, items currently in production for sale, and materials/supplies to be used in production or services.

Definitions

Learning Objectives

Learning Objectives

Related questions