Summary of PAS 2?
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The PDF I related tell it adjectives nearly PAS 2 and 39
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LIFO no longer allowed
Inventories valued at LIFO entail to be revalued using adequate valuation method beneath PFRS
LIFO also barred.
BIR approval for coppers of inventory valuation must be
secured inwardly 90 days from start of taxable year
Inventory requirements to be carried at lower of cost or net
realizable advantage (selling price smaller quantity cost to sell/completion).
Reversal of write-down now
allowed by PAS (not allowed
by previous GAAP)
Difference between cost and net
realizable expediency treated as a
reconciling item for income tax
purposes
Forex loss can no longer be
capitalized as factor of
inventory cost beneath PAS 21