Could an example be given of when the Net Realizable Value (as defined in IAS 2) of inventory is higher than Fair Value of it and the other way around?
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Net realisable value ('NRV') is the estimated selling price in the ordinary course of business less the estimated costs of completion and the estimated costs necessary to make the sale (IAS 2.6).
https://bizfluent.com/info-12139294-difference-between-fair-value-net-re...
https://www.quora.com/What-is-the-difference-in-fair-value-net-realizabl...
https://www.youth4work.com/Talent/Accounting/Forum/118636-as-per-as-2-wh...
https://www.analystforum.com/t/difference-between-net-realizable-value-n...
I just tried to post some of the links I found using Google search but got the message “Your comment has been queued for review by site administrators and will be published after approval”, so either come back tomorrow or use Google.
As David says, Google isn't short of links attempting to answer your question.
Possibly the best is at https://commercelecturer.wordpress.com/tag/difference-between-fair-value...
But if you just want 'examples' because you're trying to get other people to do your coursework for you, then this isn't the site for that service.
Stocks will be valued at the lower of cost and net realisable value. I don't think there's some other value in there that would constitute "fair value", I think the lower of cost and NRV is fair value, as it applies to stock..