IAS 2

IAS 2 is an international financial reporting standard produced and disseminated by the International Accounting Standards Board (IASB) to provide guidance on the valuation and classification of Inventories.

Overview.

IAS2 defines Inventories as assets which are;

IAS 2 requires that those assets that are considered inventory should be recorded at the lower of cost or net realisable value. Cost not only includes the purchase cost but also the conversion costs, which are the costs involved in bringing inventory to its present condition and location, such as direct labour. IAS 2 also allows for the capitalisation of variable overheads and fixed overheads so long as the fixed overheads are allocated on a systematic and consistent basis and in respect to usual output levels. Where output is lower than expected the resultant excessive overhead should be considered an expense and not capitalised but when output is abnormally high the fixed overhead allocated to each unit must be decreased so as not to overvalue the inventory.

IAS

IAS may refer to:

Science

Finance

Religion

Health

IAS machine

The IAS machine was the first electronic computer built at the Institute for Advanced Study (IAS), in Princeton, New Jersey, USA. It is sometimes called the von Neumann machine, since the paper describing its design was edited by John von Neumann, a mathematics professor at both Princeton University and IAS. The computer was built from late 1945 until 1951 under his direction. The general organization is called Von Neumann architecture, even though it was both conceived and implemented by others.

History

Julian Bigelow was hired as chief engineer in May 1946.Hewitt Crane, Herman Goldstine, Gerald Estrin, Arthur Burks and Willis Ware also worked on the project. The machine was in limited operation in the summer of 1951 and fully operational on June 10, 1952.

It was in operation until July 15, 1958.

Description

The IAS machine was a binary computer with a 40-bit word, storing two 20-bit instructions in each word. The memory was 1024 words (5.1 kilobytes). Negative numbers were represented in "two's complement" format. It had two general-purpose registers available: the Accumulator (AC) and Multiplier/Quotient (MQ).

IAS 10

International Accounting Standard 10 Events after the Reporting Period or IAS 10 is an international financial reporting standard adopted by the International Accounting Standards Board (IASB). It contains requirements for when events between the end of the reporting period and the date on which the financial statements are authorised for issue should be reflected in the financial statements.

The principal factor for determining if an event is an adjusting event—and hence requiring adjustment in the financial statements—is whether the event provided evidence of conditions existing at the end of the reporting period. Non-adjusting events need also be disclosed where material.

IAS 10 (titled Events After the Balance Sheet Date) was issued in May 1999 by the International Accounting Standards Committee, the predecessor to the IASB. It was reissued by the IASB in December 2003 and retitled Events After the Reporting Period in September 2007 as a consequential amendment resulting from revisions to IAS 1 Presentation of Financial Statements.