The only difference between the old AASB 1019 and the new AASB 102 is that the 'international' standards allow inventory to be valued using LIFO:
Correct Answer:
Verified
Q2: In periods where production costs or purchase
Q3: Some biological assets may be covered by
Q8: A company engaged in buying and selling
Q8: Which of the following is not a
Q9: The definition of inventories includes assets in
Q10: AASB 102 on inventories does not apply
Q11: The value of inventory reported in the
Q13: Upward revaluation of inventory is permitted for
Q14: Standard costs may be used to arrive
Q20: AASB 102 Inventories applies to biological assets
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