Under IFRS, inventories are classified as
A) noncurrent assets
B) current assets
C) stockholders' equity
D) current liabilities

Name: Under IFRS, inventories are classified as A) noncurrent assets B) current assets C) stockholders' equity D) current liabilities
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Question

Quizplus · Accepted Answer

Inventories are classified as current assets under IFRS. This is because they are items that are expected to be sold or used up within one year or within the normal operating cycle of the business, whichever is longer.

Under IFRS, Inventories Are Classified as