CAT / FIA FFA Syllabus F. Preparing Basic Financial Statements - Inventories - Notes ^{5 / 5}

The financial statements should disclose

• accounting policy for inventories

• carrying amount, generally classified as merchandise, supplies, materials, work in progress, and finished goods. The classifications depend on what is appropriate for the entity

• carrying amount of any inventories carried at fair value less costs to sell

• amount of any write-down of inventories recognised as an expense in the period