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SIC-1 — Consistency – Different Cost Formulas for Inventories

References

History

  • 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  • Superseded by, and incorporated into, IAS 2 Inventories (Revised 2003) effective for annual periods beginning on or after 1 January 2005.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.

Correction list for hyphenation

These words serve as exceptions. Once entered, they are only hyphenated at the specified hyphenation points. Each word should be on a separate line.