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.
A list of the 5 most important conservative Supreme Court Justices in United States History, including Justices Samuel Alito and Clarence Thomas. A list of the 5 most important conservative Supreme Court Justices in United States History, including Justices Samuel Alito and Clarence Thomas. Top 5 Conservative Supreme Court Justices Search the site GO