SIC-1 — Consistency – Different Cost Formulas for Inventories
- IAS 2 Inventories
- Issued December 1997.
- Effective date: Periods beginning on or after 1 January 1999.
- Superseded by, and incorporated into, IAS 2 Inventories (Revised 2003) effective for annual periods beginning on or after 1 January 2005.
Summary of SIC-1
SIC-1 requires that under IAS 2.21 and IAS 2.23, the same cost formula be used for inventories having the same characteristics. Where the nature or use of a group of inventory items differs from other groups, different methods may be used for the different groups.