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The Enactment and Critique of International Accounting Standard Two

Author

Listed:
  • Ayogeboh Epizitone
  • Samantha Cecilia Nxumalo

Abstract

Harmonising the International Accounting Standards/International Financial Reporting Standards (IAS/IFRS) globally has been the objective of national boards that seek to eliminate existing differences. The harmonisation project has been substantially efficient in realising the IFRS in emerging economies. However, concerning the international accounting standard two, the existence of different inventory valuation methods in literature is one of the dilemmas confronting the application of IAS 2 in many nations globally. This study through a comprehensive literature review discusses and present a critique on the international accounting standard two to afford insight that will be beneficial to both scholar and standard setters. The findings reveal a formidable contribution of the current asset inventory on companies and compliance levels in South Africa. Furthermore, these findings supplement prevailing body knowledge on IAS two and the value relevance of accounting inventories. Highlighting key critiques on the IAS 2 prescriptions and application internationally and also revealing the standards own crucial flaws and strengths and on companies.

Suggested Citation

  • Ayogeboh Epizitone & Samantha Cecilia Nxumalo, 2021. "The Enactment and Critique of International Accounting Standard Two," Academic Journal of Interdisciplinary Studies, Richtmann Publishing Ltd, vol. 10, November.
    • Handle: RePEc:bjz:ajisjr:2149
    DOI: https://doi.org/10.36941/ajis-2021-0161
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    References listed on IDEAS

    as
    1. Bohumil Král, 2014. "International Accounting Standard 2 - Inventories and Czech Accounting Legislation [Mezinárodní účetní standard č. 2 - Zásoby a česká účetní legislativa]," Český finanční a účetní časopis, Prague University of Economics and Business, vol. 2014(3), pages 107-121.
    2. Robert E. Hoyt & Andre P. Liebenberg, 2011. "The Value of Enterprise Risk Management," Journal of Risk & Insurance, The American Risk and Insurance Association, vol. 78(4), pages 795-822, December.
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