Improving the Accounting of Current Assets in Accordance With International Financial Reporting Standards

This article interprets the key points of the international Financial reporting standard N 2 and discusses the issues of its practical application. In order to make it better understandable to the reader, examples are given on disclosing the essence of inventories, determining the cost of finished products, goods and work in progress, estimating inventories, net selling price and inventory impairment. Their impact on the company's financial statements is also reflected in the form of an excerpt from the statement of financial position and the income statement.