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Inventory Criteria
1. Ordinary business activity
2. Process of production for such sales
3. Form of material or supplies to be consumed in the production process or in the rendering of serviceinveny
Inventory - IFRS vs ASPE Differences
IAS 23 - requires the capitalization of borrowing costs
ASPE 3031 - allows a choice to either capitalize borrowing cost or expense them
Inventory Costs
Includes costs to bring inventory to location, net of rebates, duties and unrecoverable taxes
*doesn’t include storage cost or shipping costs to customer
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