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of <h1>Inventory valuation rules: measuring stock at lower of cost or NRV, defining cost components and exclusions, plus disclosure duties.</h1> Inventories are defined as assets held for sale, in production for sale, or as materials/supplies to be consumed, and are measured at the lower of cost and net realisable value (NRV), excluding specified categories such as construction contract work-in-progress, service provider work-in-progress, financial instruments held as stock-in-trade, and certain producer inventories measured at NRV under established industry practice. Cost comprises costs of purchase, conversion, and other costs necessary to bring inventories to their present location and condition, while abnormal wastage, most storage, non-attributable administrative overheads, selling/distribution costs, and usually borrowing costs are expensed. Cost is assigned by specific identification where appropriate, otherwise by FIFO or weighted average, with permitted practical techniques approximating actual cost, and inventories are written down to NRV based on reliable estimates and disclosed with measurement policies and classifications.
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