IAS 2 requires that those assets that are considered inventory should be recorded at the lower of cost or net realisable value. Cost not only includes the purchase cost but also the conversion costs, which are the costs involved in bringing inventory to its present condition and location, such as direct labour.AS 2 also requires the use of First-in, First-out (FIFO) principle whereby the items which have been in stock the longest are considered to be the items that are being used first, ensuring those items which are held in inventory at the reporting date are valued at the most recent price.
The Court consists of the Chief Justice of the United States and eight associate justices who are nominated by the President and confirmed by the Senate.enerally, law clerks serve a term of one to two years. The first law clerk was hired by Associate Justice Horace Gray in 1882. Oliver Wendell Holmes, Jr. and Louis Brandeis were the first Supreme Court justices to use recent law school graduates as clerks, rather than hiring a stenographer-secretary.
Left to right, seated: Justice Kathryn M. Werdegar (retired August 2017), Chief Justice Tani G. Cantil-Sakauye, and Justice Ming W. Chin . The Supreme Court of California consists of the Chief Justice of California and six Associate Justices, each appointed or nominated by the Governor.