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.
1. Current Chief Justice and Associate Justices are marked with green dots - 2. Names of the Chief Justices are in Green and bars are in Red 3. Names for the Associate Justices are in Black and bars are in Blue 4. The small letter (a) denotes the date is from the Minutes of some other court; (b) from some other unquestionable authority; (c) from authority that is questionable, and better authority would be appreciated.