Inventories are defined by IFRS as
A) 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 answer choices are correct.

Question

Quizplus · Accepted Answer

According to IFRS, inventories are defined as items held-for-sale in the ordinary course of business, items in the process of production for sale in the ordinary course of business, and items in the form of materials or supplies to be consumed in the production process or in the providing of services. Therefore, all of the answer choices are correct.

Inventories Are Defined by IFRS as