This Standard applies to all inventories, except:


(a) financial instruments; and
(b) biological assets (i.e living animals or plants) related to agricultural activity and agricultural produce at the point of harvest.

This Standard does not apply to the measurement of inventories held by:


commodity broker traders who measure their inventories at fair value less costs to sell and producers of agricultural and forest products, agricultural produce after harvest and minerals and mineral products to the
extent that they are measured at net realizable value in accordance with well established practices in those industries.


The standard also scopes out the biological assets related to agricultural activity and agricultural produce at the point of harvest.

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