| 13.1 | [Deleted] [AMD 352] |
| 13.2 | This section applies to inventories, except: |
| (a) | work in progress arising under construction contracts, including directly related service contracts (see Section 23 Revenue); |
| (b) | financial instruments (see Section 11 Basic Financial Instruments and Section 12 Other Financial Instruments Issues); and |
| (c) | biological assets related to agricultural activity and agricultural produce at the point of harvest (see Section 34 Specialised Activities). |
| 13.3 | Other than the disclosure requirements in paragraph 13.22, this section does not apply to the measurement of inventories at fair value less costs to sell through profit or loss at each reporting date. Inventories shall not be measured at fair value less costs to sell unless it is a more relevant measure of the entity's performance because the entity operates in an active market where sale can be achieved at published prices, and inventory is a store of readily realisable value. [AMD 90] |
| AMD 352 Amendment Paragraph 13.1 deleted by Amendments to FRS 102: The Financial Reporting Standard applicable in the UK and Republic of Ireland – Triennial review 2017 – Incremental improvements and clarifications (issued December 2017) Effective date 01/01/2019 Previous text 13.1 This section sets out the principles for recognising and measuring inventories. Inventories are assets: (a) held for sale in the ordinary course of business; (b) in the process of production for such sale; or (c) in the form of materials or supplies to be consumed in the production process or in the rendering of services. |
| AMD 90 Amendment Paragraph 13.3 amended by Amendments to FRS 102 The Financial Reporting Standard applicable in the UK and Republic of Ireland - Small entities and other minor amendments (issued July 2015) Effective date 01/01/2016 (Earlier application permitted subject to certain conditions - see paragraph 1.15) Previous text 13.3 This section does not apply to the measurement of inventories measured at fair value less costs to sell through profit or loss at each reporting date. |
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