IAS Plus International Accounting Standards Interpretations SIC 1, Consistency for Inventories


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SIC 1 Consistency - Different Cost Formulas for Inventories
— Superseded —

References

IAS 2, Inventories

History

Issued December 1997.
Effective date: Periods beginning on or after 1 January 1999.
Superseded and incorporated into IAS 2 (Revised 2003) effective: Annual periods beginning on or after 1 January 2005.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.