ACCOUNTING FOR MATERIAL COSTS UNDER IFRS

Abstract

The article considers theoretical and practical aspects of materials accounting in accordance with International Financial Reporting Standards (IFRS), in particular IAS 2 ‘Inventories’. The key principles of recognition and valuation of inventories
are analysed, including the methods of writing off, cost determination and the procedure of accounting for impairment. Special attention is paid to the comparative analysis of IFRS and national accounting standards, as well as the impact of accounting policies on financial statements. Practical recommendations for organising materials accounting in companies applying IFRS are presented.