Section 3031 – Inventories

November 01, 2012

Section 3031 applies to all inventories except:

  • Contracts accounted for using the percentage of completion method (Section 3400, Revenue).
  • Financial Instruments.
  • Major spare parts and standby equipment that may qualify as property, plant and equipment (Section 3061, Property, Plant and Equipment).
Section 3031 does not apply to the measurement of inventories:
  • Held by producers of agricultural and forest products, agricultural produce after harvest, and minerals and mineral products measured at net realizable value.
  • Held by commodity broker-traders who measure inventory at fair value less costs to sell.
  • Of living animals and plants (biological assets) and the harvested product of the entity’s biological assets (agricultural produce).
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