IAS 2 Inventories allows producers of gold and silver to measure inventories of those commodities at selling

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IAS 2 Inventories allows producers of gold and silver to measure inventories of those commodities at selling price, even before they have sold it, which means a profit is recognised at production. In nearly all other industries, however, profit is recognised only when the inventories are sold to outside customers. What concept(s) in the Conceptual Framework might the IASB have looked to with regard to accounting for gold and silver production?
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Applying International Financial Reporting Standards

ISBN: 978-0730302124

3rd edition

Authors: Keith Alfredson, Ken Leo, Ruth Picker, Paul Pacter, Jennie Radford Victoria Wise

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