This image shows a CPA financial reporting IAS 2 inventories summary table from GevorgCPA.com covering the IAS 2 definition of inventories as assets held for sale in the ordinary course of business, in the process of production, or as materials and supplies, measurement at the lower of cost and NRV, cost of inventories including all costs to bring inventory to present location and condition net of vendor rebates excluding storage and shipping to customer, costs of purchase including purchase cost, shipping to receive, duties and unrecoverable taxes, costs of conversion including direct labor and allocated manufacturing overhead, FIFO or weighted average cost formulas, NRV as estimated selling price less estimated costs of completion and sale, and the ASPE 3031 difference allowing choice between capitalizing or expensing borrowing costs versus IAS 23 mandatory capitalization, relevant to CPA PEP and CFE candidates studying financial reporting.