PRC-1 · Chapter 7 · Question 83 of 100
Which of the following items is explicitly EXCLUDED from the scope of IAS 2 Inventories?
Test yourself: pick an answer
Reveal answer & explanation
Correct answer: D) Financial instruments and biological assets related to agricultural activity.
Explanation
IAS 2 excludes financial instruments (which fall under IFRS 9) and biological assets related to agricultural activity and agricultural produce at the point of harvest (which fall under IAS 41) from its scope.
More IAS 2: Inventories MCQs
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