Research the IFRS authoritative literature and provide answers to the following questions. Paragraph citations are to be provided with answers where applicable. 1. State the authoritative literature that governs inventory.  2. Identify three (3) types of assets that are classified as inventory. 3. What inventories are specifically excluded from this standard?  4. How is the term ‘net realizable value’ defined as used in the acronym LCNRV.

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Inventory Accounting

Inventory accounting is that branch of accounting that helps in determining the specific value of assets at different stages of production and development.