disclosure of inventory write downs IAS 1

Applying IAS 2 Inventories after hurricanes—classifying losses, determining NRV, handling WIP/long-term jobs, documenting reversals, and aligning with claims (without netting insurance) Hurricanes wreak havoc on stocks of raw materials, WIP, finished goods, and spare parts. Under IAS 2, inventories are carried at the lower of cost and net realizable value (NRV). Post-storm, NRV often collapses...