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\brdrs\brdrw15\brsp42\brdrcf0\brdrr\brdrs\brdrw15\brsp42\brdrcf0\brdrb\brdrs\brd rw15\brsp42\brdrcf0 \f3\fs18 9110 IAS box;}{\s125\sb101\sa101\li720\brdrl\brdrs\ brdrw22\brsp42 \brdrcf3\brdrt\brdrs\brdrw22\brsp42\brdrcf3\brdrr\brdrs\brdrw22\brsp42\brdrcf3\b rdrb\brdrs\brdrw22\brsp42\brdrcf3\shading10000\cfpat0 \f3\fs18\cf4 9120 Example IAS;}{\s126\sb101\sa101\li720\tx720\tx1440\brdrl\brdrs\brdrw22\brsp42\brdrcf3\br drt\brdrs \brdrw22\brsp42\brdrcf3\brdrr\brdrs\brdrw22\brsp42\brdrcf3\brdrb\brdrs\brdrw22\b rsp42\brdrcf3\shading10000\cfpat0 \i\f3\fs18\cf4 9121 Example IAS Italic;}{\s127 \sb58\sa58\li720\tx1440 \f3 9132 Editor's Comment;}{\s128\sb72\sa72 \f3\fs18 913 3 Footnote Tex t;}{\s129\sb72\sa72\li360\fi-360\tx360 \f3\fs18 9133 Footnote Text Bullet;}{\s13 0\sb108\sa108\tx360 \f3\cf4 9134 Left Blue;}{\s131\qc\sb240\sa240 \b\f3\fs40\cf2 9193 Chapter Title center;}{\s132\tx2880\tx11520 \f5 Footer;}{\s133 Normal:Para ;}{\*\cs134\b0 \i 900 Italics;}{\*\cs135\b\i0 901 Bold;}{\*\cs136\b\i0\fs20 901 Bold small;}{\* \cs137\v\f3\fs20 902 Hidden;}{\*\cs138\b\i 903 bold italic;}{\*\cs139\b0\i0\ul0\ strike0\v0\f6\fs20\cf0\nosupersub 904 Bullet-symbol font;}{\*\cs140\b0\i0\ul0\st rike0\v0\cf0 \nosupersub 905 No bold No Italic;}{\*\cs141\b\i0\ul0\strike0\v0\cf0\nosupersub 906 Bold No italic;}{\*\cs142\b\i\ul 907 bold italic underline;}{\*\cs143\b\ul\s trike0\v0\cf0\nosupersub 908 Double Underline;}{\*\cs144\ul\strike0\v0\cf0\nosup ersub 908 Unde rline;}{\*\cs145\strike\v0\cf0\nosupersub 909 Strikeout;}{\*\cs146\ul0\strike\v0 \cf0\nosupersub 910 Strikeout;}{\*\cs147\strike0\v0\cb5 914 Background Shading;} {\*\cs148\strike0\v0\fs18\cf0\up6 915 Superscript;}{\*\cs149\strike0\v0\fs18\cf0 \dn6 916 Subsc ript;}{\*\cs150\b\i0\ul0\strike\v0\cf0\nosupersub 917 Bold Strikethrough;}{\*\cs 151\b0\i\ul0\strike\v0\cf0\nosupersub 918 Italic Strikethrough;}{\*\cs152\b0\i\u l\strike0\v0\cf0\nosupersub 919 Italic underline;}{\*\cs153\b\i\ul0\strike\v0\cf 0\nosupersub 9 20 Bold Italic Strikethrough;}{\*\cs154\b\i0\ul\strike0\v0 921 Bold Underline;}{ \*\cs155\i0\strike0\v0\fs20 922 Footnote Reference;}{\*\cs156 Default Paragraph Font;}{\*\cs157\b\i0\cf6 glossary;}{\*\cs158 Intro delete;}{\*\cs159 Note;}{\*\c s160 Popup;}{ \*\cs161 RevisionAdd;}{\*\cs162\v\cf3 RevisionDelete;}{\*\cs163\v0\cb5 Revisions ;}{\*\cs164\strike\v0\cb5 Revisions - Deleted;}} {\info} \pard\plain \s86 \sb240\sa240\brdrt\brdrs\brdrw30\brsp0\brdrcf0\brdrb\brdrs\brdr w14\brsp0\brdrcf0 {\*\bkmkstart IAS 2}{\*\bkmkend IAS 2}{\b\f3\fs40\cf2 IAS 2\li ne Inventories \par }\pard \trowd\trqr\trrh1020 \clbrdrl\brdrs\brdrw10\brsp0\brdrcf0\clbrdrr\br drs\brdrw10\brsp0\brdrcf0\clbrdrt\brdrs\brdrw10\brsp0\brdrcf0\clbrdrb\brdrs\brdr w10\brsp0\brdrcf0\cellx7281\pard\intbl \s9 \qj\sb108\sa108 {\b0\i\ul0\strike0\v0\expnd0\expndtw0\outl0\shad0\f3\fs20\cf 0\nosupersub This version includes amendments resulting from new and amended IFR Ss issued up to 31 March 2004. The section \'93Changes in this Edition\'94 at th e front of thi s volume provides the application dates of these new and amended IFRSs and also identifies those current IFRSs that are not included in this volume.}{\cs134\b0\ i\ul0\strike0\v0\expnd0\expndtw0\outl0\shad0\f3\fs20\cf0\nosupersub \cell } \row \pard \s122 \par \pard \trowd\trqr\trrh1980 \clbrdrl\brdrs\brdrw10\brsp0\brdrcf0\clbrd rr\brdrs\brdrw10\brsp0\brdrcf0\clbrdrt\brdrs\brdrw10\brsp0\brdrcf0\clbrdrb\brdrs \brdrw10\brsp0\brdrcf0\cellx7281\pard\intbl \s9 \qj\sb108\sa108 {\b0\i0\ul0\strike0\v0\expnd0\expndtw0\outl0\shad0\f3\fs20\cf0\nosupersub Intern ational Accounting Standard 2 }{\cs134\b0\i\ul0\strike0\v0\expnd0\expndtw0\outl0

\shad0\f3\fs20\cf0\nosupersub Inventories }{\b0\i0\ul0\strike0\v0\expnd0\expndtw 0\outl0\shad0 \f3\fs20\cf0\nosupersub (IAS 2) is set out in paragraphs 1-42 and the Appendix. All the paragraphs have equal authority but retain the IASC format of the Stand ard when it was adopted by the IASB. IAS 2 should be read in the context of its objective and the Basis for Conclusions, the }{\cs134\b0\i\ul0\strike0\v0\expnd0\expndtw0\out l0\shad0\f3\fs20\cf0\nosupersub Preface to International Financial Reporting Sta ndards}{\b0\i0\ul0\strike0\v0\expnd0\expndtw0\outl0\shad0\f3\fs20\cf0\nosupersub and the }{ \cs134\b0\i\ul0\strike0\v0\expnd0\expndtw0\outl0\shad0\f3\fs20\cf0\nosupersub Fr amework for the Preparation and Presentation of Financial Statements}{\b0\i0\ul0 \strike0\v0\expnd0\expndtw0\outl0\shad0\f3\fs20\cf0\nosupersub . IAS 8 }{\cs134 \b0\i\ul0 \strike0\v0\expnd0\expndtw0\outl0\shad0\f3\fs20\cf0\nosupersub Accounting Polici es, Changes in Accounting Estimates and Errors}{\b0\i0\ul0\strike0\v0\expnd0\exp ndtw0\outl0\shad0\f3\fs20\cf0\nosupersub provides a basis for selecting and app lying accounti ng policies in the absence of explicit guidance.\cell } \row \pard \s122 \par \pard \s23 \sb279\sa120 {\b\f3\fs28\cf2 Introduction \par }\pard \s46 \qj\sb108\sa108\li720\fi-720 {\*\bkmkstart IAS 2, para.IN1}{\*\ bkmkend IAS 2, para.IN1}{\b0\i0\ul0\strike0\v0\expnd0\expndtw0\outl0\shad0\f3\fs 20\cf0\nosupersub IN1.\tab International Accounting Standard 2 }{\cs134\b0\i\ul0 \strike0\v0 \expnd0\expndtw0\outl0\shad0\f3\fs20\cf0\nosupersub Inventories}{\b0\i0\ul0\stri ke0\v0\expnd0\expndtw0\outl0\shad0\f3\fs20\cf0\nosupersub (IAS 2) replaces IAS 2 }{\cs134\b0\i\ul0\strike0\v0\expnd0\expndtw0\outl0\shad0\f3\fs20\cf0\nosupersu b Inventories} {\b0\i0\ul0\strike0\v0\expnd0\expndtw0\outl0\shad0\f3\fs20\cf0\nosupersub (revi sed in 1993) and should be applied for annual periods beginning on or after 1 Ja nuary 2005. Earlier application is encouraged. The Standard also supersedes SI C-1 }{\cs134 \b0\i\ul0\strike0\v0\expnd0\expndtw0\outl0\shad0\f3\fs20\cf0\nosupersub Consiste ncy\'97Different Cost Formulas for Inventories. \par }\pard \s24 \sb240\sa60 {\b\i\f3\fs24\cf2 Reasons for Revising IAS 2 \par }\pard \s46 \qj\sb108\sa108\li720\fi-720 {\*\bkmkstart IAS 2, para.IN2}{\*\ bkmkend IAS 2, para.IN2}{\b0\i0\ul0\strike0\v0\expnd0\expndtw0\outl0\shad0\f3\fs 20\cf0\nosupersub IN2.\tab The International Accounting Standards Board develope d this revised IAS 2 as part of its project on Improvements to International Accounting Standa rds. The project was undertaken in the light of queries and criticisms raised i n relation to the Standards by securities regulators, professional accountants a nd other inter ested parties. The objectives of the project were to reduce or eliminate altern atives, redundancies and conflicts within the Standards, to deal with some conve rgence issues and to make other improvements. \par }\pard \s46 \qj\sb108\sa108\li720\fi-720 {\*\bkmkstart IAS 2, para.IN3}{\*\ bkmkend IAS 2, para.IN3}{\b0\i0\ul0\strike0\v0\expnd0\expndtw0\outl0\shad0\f3\fs 20\cf0\nosupersub IN3.\tab For IAS 2 the Board\'92s main objective was a limited revision to r educe alternatives for the measurement of inventories. The Board did not recons ider the fundamental approach to accounting for inventories contained in IAS 2. \par }\pard \s24 \sb240\sa60 {\b\i\f3\fs24\cf2 The Main Changes \par }\pard \s46 \qj\sb108\sa108\li720\fi-720 {\*\bkmkstart IAS 2, para.IN4}{\*\ bkmkend IAS 2, para.IN4}{\b0\i0\ul0\strike0\v0\expnd0\expndtw0\outl0\shad0\f3\fs 20\cf0\nosupersub IN4.\tab The main changes from the previous version of IAS 2 a re described b elow.

\par }\pard \s81 \sb240\sa125\keepn {\b\i\f3\fs22\cf2 Objective and Scope \par }\pard \s46 \qj\sb108\sa108\li720\fi-720 {\*\bkmkstart IAS 2, para.IN5}{\*\ bkmkend IAS 2, para.IN5}{\b0\i0\ul0\strike0\v0\expnd0\expndtw0\outl0\shad0\f3\fs 20\cf0\nosupersub IN5.\tab The objective and scope paragraphs of IAS 2 were amen ded by removin g the words \'91held under the historical cost system\'92, to clarify that the S tandard applies to all inventories that are not specifically excluded from its s cope. \par }\pard \s81 \sb240\sa125\keepn {\b\i\f3\fs22\cf2 Scope Clarification \par }\pard \s46 \qj\sb108\sa108\li720\fi-720 {\*\bkmkstart IAS 2, para.IN6}{\*\ bkmkend IAS 2, para.IN6}{\b0\i0\ul0\strike0\v0\expnd0\expndtw0\outl0\shad0\f3\fs 20\cf0\nosupersub IN6.\tab The Standard clarifies that some types of inventories are outside i ts scope while certain other types of inventories are exempted only from the mea surement requirements in the Standard. \par }\pard \s46 \qj\sb108\sa108\li720\fi-720 {\*\bkmkstart IAS 2, para.IN7}{\*\ bkmkend IAS 2, para.IN7}{\b0\i0\ul0\strike0\v0\expnd0\expndtw0\outl0\shad0\f3\fs 20\cf0\nosupersub IN7.\tab Paragraph 3 establishes a clear distinction between t hose inventori es that are entirely outside the scope of the Standard (described in paragraph 2 ) and those inventories that are outside the scope of the measurement requiremen ts but within the scope of the other requirements in the Standard. \par }\pard \s81 \sb240\sa125\keepn {\b\i\f3\fs22\cf2 Scope Exemptions \par }\pard \s25 \sb240\sa60 {\b\i\f3\fs22 Producers of agricultural and forest products, agricultural produce after harvest and minerals and mineral products \par }\pard \s46 \qj\sb108\sa108\li720\fi-720 {\*\bkmkstart IAS 2, para.IN8}{\*\ bkmkend IAS 2, para.IN8}{\b0\i0\ul0\strike0\v0\expnd0\expndtw0\outl0\shad0\f3\fs 20\cf0\nosupersub IN8.\tab The Standard does not apply to the measurement of inv entories of pr oducers of agricultural and forest products, agricultural produce after harvest, and minerals and mineral products, to the extent that they are measured at net realisable value in accordance with well-established industry practices. The pre vious version of IAS 2 was amended to replace the words \'91mineral ores\'92 with \'91minerals and mineral products\'92 to clarify that the scope exemption is not limited to the early stage of extraction of mineral ores. \par }\pard \s25 \sb240\sa60 {\b\i\f3\fs22 Inventories of commodity broker-trade rs \par }\pard \s46 \qj\sb108\sa108\li720\fi-720 {\*\bkmkstart IAS 2, para.IN9}{\*\ bkmkend IAS 2, para.IN9}{\b0\i0\ul0\strike0\v0\expnd0\expndtw0\outl0\shad0\f3\fs 20\cf0\nosupersub IN9.\tab The Standard does not apply to the measurement of inv entories of co mmodity broker-traders to the extent that they are measured at fair value less c osts to sell. \par }\pard \s81 \sb240\sa125\keepn {\b\i\f3\fs22\cf2 Cost of Inventories \par }\pard \s25 \sb240\sa60 {\b\i\f3\fs22 Costs of purchase \par }\pard \s45 \qj\sb108\sa108\li720\fi-720 {\*\bkmkstart IAS 2, para.IN10}{\* \bkmkend IAS 2, para.IN10}{\b0\i0\ul0\strike0\v0\expnd0\expndtw0\outl0\shad0\f3\ fs20\cf0\nosupersub IN10.\tab IAS 2 does not permit exchange differences arising directly on t he recent acquisition of inventories invoiced in a foreign currency to be includ ed in the costs of purchase of inventories. This change from the previous versi on of IAS 2 resulted from the elimination of the allowed alternative treatment o f capitalising certain exchange differences in IAS 21 }{\cs134\b0\i\ul0\strike0\v0\expnd0\expn dtw0\outl0\shad0\f3\fs20\cf0\nosupersub The Effects of Changes in Foreign Exchan ge Rates.}{\b0\i0\ul0\strike0\v0\expnd0\expndtw0\outl0\shad0\f3\fs20\cf0\nosuper sub That alt ernative had already been largely restricted in its application by SIC-11 }{\cs1 34\b0\i\ul0\strike0\v0\expnd0\expndtw0\outl0\shad0\f3\fs20\cf0\nosupersub Foreig

n Exchange\'97Capitalisation of Losses from Severe Currency Devaluations}{\b0\i0 \ul0\strike0 \v0\expnd0\expndtw0\outl0\shad0\f3\fs20\cf0\nosupersub . SIC-11 has been supers eded as a result of the revision of IAS 21 in 2003. \par }\pard \s25 \sb240\sa60 {\b\i\f3\fs22 Other costs \par }\pard \s45 \qj\sb108\sa108\li720\fi-720 {\*\bkmkstart IAS 2, para.IN11}{\* \bkmkend IAS 2, para.IN11}{\b0\i0\ul0\strike0\v0\expnd0\expndtw0\outl0\shad0\f3\ fs20\cf0\nosupersub IN11.\tab Paragraph 18 was inserted to clarify that when inv entories are p urchased with deferred settlement terms, the difference between the purchase pri ce for normal credit terms and the amount paid is recognised as interest expense over the period of financing. \par }\pard \s81 \sb240\sa125\keepn {\b\i\f3\fs22\cf2 Cost Formulas \par }\pard \s25 \sb240\sa60 {\b\i\f3\fs22 Consistency \par }\pard \s45 \qj\sb108\sa108\li720\fi-720 {\*\bkmkstart IAS 2, para.IN12}{\* \bkmkend IAS 2, para.IN12}{\b0\i0\ul0\strike0\v0\expnd0\expndtw0\outl0\shad0\f3\ fs20\cf0\nosupersub IN12.\tab The Standard incorporates the requirements of SIC1 }{\cs134\b0 \i\ul0\strike0\v0\expnd0\expndtw0\outl0\shad0\f3\fs20\cf0\nosupersub Consistency \'97Different Cost Formulas for Inventories }{\b0\i0\ul0\strike0\v0\expnd0\expnd tw0\outl0\shad0\f3\fs20\cf0\nosupersub that an entity use the same cost formula for all invent ories having a similar nature and use to the entity. SIC-1 is superseded. \par }\pard \s25 \sb240\sa60 {\b\i\f3\fs22 Prohibition of LIFO as a cost formula \par }\pard \s45 \qj\sb108\sa108\li720\fi-720 {\*\bkmkstart IAS 2, para.IN13}{\* \bkmkend IAS 2, para.IN13}{\b0\i0\ul0\strike0\v0\expnd0\expndtw0\outl0\shad0\f3\ fs20\cf0\nosupersub IN13.\tab The Standard does not permit the use of the last-i n, first-out ( LIFO) formula to measure the cost of inventories. \par }\pard \s81 \sb240\sa125\keepn {\b\i\f3\fs22\cf2 Recognition as an Expense \par }\pard \s45 \qj\sb108\sa108\li720\fi-720 {\*\bkmkstart IAS 2, para.IN14}{\* \bkmkend IAS 2, para.IN14}{\b0\i0\ul0\strike0\v0\expnd0\expndtw0\outl0\shad0\f3\ fs20\cf0\nosupersub IN14.\tab The Standard eliminates the reference to the match ing principle. \par }\pard \s45 \qj\sb108\sa108\li720\fi-720 {\*\bkmkstart IAS 2, para.IN15}{\* \bkmkend IAS 2, para.IN15}{\b0\i0\ul0\strike0\v0\expnd0\expndtw0\outl0\shad0\f3\ fs20\cf0\nosupersub IN15.\tab The Standard describes the circumstances that woul d trigger a re versal of a writedown of inventories recognised in a prior period. \par }\pard \s81 \sb240\sa125\keepn {\b\i\f3\fs22\cf2 Disclosure \par }\pard \s25 \sb240\sa60 {\b\i\f3\fs22 Inventories carried at fair value les s costs to sell \par }\pard \s45 \qj\sb108\sa108\li720\fi-720 {\*\bkmkstart IAS 2, para.IN16}{\* \bkmkend IAS 2, para.IN16}{\b0\i0\ul0\strike0\v0\expnd0\expndtw0\outl0\shad0\f3\ fs20\cf0\nosupersub IN16.\tab The Standard requires disclosure of the carrying a mount of inven tories carried at fair value less costs to sell. \par }\pard \s25 \sb240\sa60 {\b\i\f3\fs22 Write-down of inventories \par }\pard \s45 \qj\sb108\sa108\li720\fi-720 {\*\bkmkstart IAS 2, para.IN17}{\* \bkmkend IAS 2, para.IN17}{\b0\i0\ul0\strike0\v0\expnd0\expndtw0\outl0\shad0\f3\ fs20\cf0\nosupersub IN17.\tab The Standard requires disclosure of the amount of any write-down of inventories recognised as an expense in the period and eliminates the requir ement to disclose the amount of inventories carried at net realisable value. \par }\pard \s23 \sb279\sa120 {\b\i0\ul0\strike0\v0\expnd0\expndtw0\outl0\shad0\ f3\fs28\cf2\nosupersub International Accounting Standard 2\line Inventories \par }\pard \s23 \sb279\sa120 {\b\f3\fs28\cf2 Objective \par }\pard \s49 \qj\sb108\sa108\li720\fi-720 {\*\bkmkstart IAS 2, para.1}{\*\bk mkend IAS 2, para.1}{\b0\i0\ul0\strike0\v0\expnd0\expndtw0\outl0\shad0\f3\fs20\c f0\nosupersub 1.\tab The objective of this Standard is to prescribe the accounti

ng treatment f or inventories. A primary issue in accounting for inventories is the amount of cost to be recognised as an asset and carried forward until the related revenues are recognised. This Standard provides guidance on the determination of cost a nd its subsequ ent recognition as an expense, including any write-down to net realisable value. It also provides guidance on the cost formulas that are used to assign costs t o inventories. \par }\pard \s23 \sb279\sa120 {\b\f3\fs28\cf2 Scope \par }\pard \s49 \qj\sb108\sa108\li720\fi-720 {\*\bkmkstart IAS 2, para.2}{\*\bk mkend IAS 2, para.2}{\cs138\b\i\ul0\strike0\v0\expnd0\expndtw0\outl0\shad0\f3\fs 20\cf0\nosupersub 2.\tab This Standard applies to all inventories, except: \par }\pard \s59 \qj\sb108\sa108\li1440\fi-720 {\cs138\b\i\ul0\strike0\v0\expnd0 \expndtw0\outl0\shad0\f3\fs20\cf0\nosupersub (a)\tab work in progress arising un der construction contracts, including directly related service contracts (see IA S 11 }{\cs135 \b\i0\ul0\strike0\v0\expnd0\expndtw0\outl0\shad0\f3\fs20\cf0\nosupersub Construc tion Contracts}{\cs138\b\i\ul0\strike0\v0\expnd0\expndtw0\outl0\shad0\f3\fs20\cf 0\nosupersub ); \par }\pard \s59 \qj\sb108\sa108\li1440\fi-720 {\cs138\b\i\ul0\strike0\v0\expnd0 \expndtw0\outl0\shad0\f3\fs20\cf0\nosupersub (b)\tab financial instruments; and \par }\pard \s59 \qj\sb108\sa108\li1440\fi-720 {\cs138\b\i\ul0\strike0\v0\expnd0 \expndtw0\outl0\shad0\f3\fs20\cf0\nosupersub (c)\tab biological assets related t o agricultural activity and agricultural produce at the point of harvest (see IA S 41 }{\cs135 \b\i0\ul0\strike0\v0\expnd0\expndtw0\outl0\shad0\f3\fs20\cf0\nosupersub Agricult ure}{\cs138\b\i\ul0\strike0\v0\expnd0\expndtw0\outl0\shad0\f3\fs20\cf0\nosupersu b ). \par }\pard \s27 \qj\sb108\sa108\li360\fi-360\tx360 {\*\bkmkstart ias 2, para.3} {\*\bkmkend ias 2, para.3}{\cs138\b\i\ul0\strike0\v0\expnd0\expndtw0\outl0\shad0 \f3\fs20\cf0\nosupersub 3.\tab This Standard does not apply to the measurement o f inventories held by: \par }\pard \s59 \qj\sb108\sa108\li1440\fi-720 {\cs138\b\i\ul0\strike0\v0\expnd0 \expndtw0\outl0\shad0\f3\fs20\cf0\nosupersub (a)\tab producers of agricultural a nd forest products, agricultural produce after harvest, and minerals and mineral products, to the extent that they are measured at }{\cs134\b\i\ul0\strike0\v0\expnd0\expndtw0 \outl0\shad0\f3\fs20\cf0\nosupersub net realisable value}{\cs138\b\i\ul0\strike0 \v0\expnd0\expndtw0\outl0\shad0\f3\fs20\cf0\nosupersub in accordance with welle stablished pra ctices in those industries. When such inventories are measured at net realisabl e value, changes in that value are recognised in profit or loss in the period of the change. \par }\pard \s59 \qj\sb108\sa108\li1440\fi-720 {\cs138\b\i\ul0\strike0\v0\expnd0 \expndtw0\outl0\shad0\f3\fs20\cf0\nosupersub (b)\tab commodity broker-traders wh o measure their inventories at fair value less costs to sell. When such invento ries are measu red at fair value less costs to sell, changes in fair value less costs to sell a re recognised in profit or loss in the period of the change. \par }\pard \s49 \qj\sb108\sa108\li720\fi-720 {\*\bkmkstart IAS 2, para.4}{\*\bk mkend IAS 2, para.4}{\b0\i0\ul0\strike0\v0\expnd0\expndtw0\outl0\shad0\f3\fs20\c f0\nosupersub 4.\tab The inventories referred to in paragraph 3(a) are measured at net realisa ble value at certain stages of production. This occurs, for example, when agric ultural crops have been harvested or minerals have been extracted and sale is as sured under a forward contract or a government guarantee, or when an active mark et exists and there is a negligible risk of failure to sell. These inventories are excluded f rom only the measurement requirements of this Standard.

\par }\pard \s49 \qj\sb108\sa108\li720\fi-720 {\*\bkmkstart IAS 2, para.5}{\*\bk mkend IAS 2, para.5}{\b0\i0\ul0\strike0\v0\expnd0\expndtw0\outl0\shad0\f3\fs20\c f0\nosupersub 5.\tab Broker-traders are those who buy or sell commodities for ot hers or on the ir own account. The inventories referred to in paragraph 3(b) are principally ac quired with the purpose of selling in the near future and generating a profit fr om fluctuations in price or broker-traders\'92 margin. When these inventories a re measured at fair value less costs to sell, they are excluded from only the measurement requ irements of this Standard. \par }\pard \s23 \sb279\sa120 {\b\f3\fs28\cf2 Definitions \par }\pard \s49 \qj\sb108\sa108\li720\fi-720 {\*\bkmkstart IAS 2, para.6}{\*\bk mkend IAS 2, para.6}{\cs138\b\i\ul0\strike0\v0\expnd0\expndtw0\outl0\shad0\f3\fs 20\cf0\nosupersub 6.\tab The following terms are used in this Standard with the meanings speci fied: \par }\pard \s10 \qj\sb108\sa108\li720 {\cs152\b0\i\ul\strike0\v0\expnd0\expndtw 0\outl0\shad0\f3\fs20\cf0\nosupersub Inventories}{\cs138\b\i\ul0\strike0\v0\expn d0\expndtw0\outl0\shad0\f3\fs20\cf0\nosupersub are assets: \par }\pard \s59 \qj\sb108\sa108\li1440\fi-720 {\cs138\b\i\ul0\strike0\v0\expnd0 \expndtw0\outl0\shad0\f3\fs20\cf0\nosupersub (a)\tab held for sale in the ordina ry course of business; \par }\pard \s59 \qj\sb108\sa108\li1440\fi-720 {\cs138\b\i\ul0\strike0\v0\expnd0 \expndtw0\outl0\shad0\f3\fs20\cf0\nosupersub (b)\tab in the process of productio n for such sale; or \par }\pard \s59 \qj\sb108\sa108\li1440\fi-720 {\cs138\b\i\ul0\strike0\v0\expnd0 \expndtw0\outl0\shad0\f3\fs20\cf0\nosupersub (c)\tab in the form of materials or supplies to be consumed in the production process or in the rendering of servic es. \par }\pard \s10 \qj\sb108\sa108\li720 {\cs152\b0\i\ul\strike0\v0\expnd0\expndtw 0\outl0\shad0\f3\fs20\cf0\nosupersub Net realisable value}{\cs138\b\i\ul0\strike 0\v0\expnd0\expndtw0\outl0\shad0\f3\fs20\cf0\nosupersub is the estimated sellin g price in the ordinary course of business less the estimated costs of completion and the esti mated costs necessary to make the sale. \par }\pard \s10 \qj\sb108\sa108\li720 {\cs152\b0\i\ul\strike0\v0\expnd0\expndtw 0\outl0\shad0\f3\fs20\cf0\nosupersub Fair value}{\cs138\b\i\ul0\strike0\v0\expnd 0\expndtw0\outl0\shad0\f3\fs20\cf0\nosupersub is the amount for which an asset could be excha nged, or a liability settled, between knowledgeable, willing parties in an arm\' 92s length transaction. \par }\pard \s49 \qj\sb108\sa108\li720\fi-720 {\*\bkmkstart IAS 2, para.7}{\*\bk mkend IAS 2, para.7}{\b0\i0\ul0\strike0\v0\expnd0\expndtw0\outl0\shad0\f3\fs20\c f0\nosupersub 7.\tab Net realisable value refers to the net amount that an entit y expects to r ealise from the sale of inventory in the ordinary course of business. Fair valu e reflects the amount for which the same inventory could be exchanged between kn owledgeable and willing buyers and sellers in the marketplace. The former is an entity-specif ic value; the latter is not. Net realisable value for inventories may not equal fair value less costs to sell. \par }\pard \s49 \qj\sb108\sa108\li720\fi-720 {\*\bkmkstart IAS 2, para.8}{\*\bk mkend IAS 2, para.8}{\b0\i0\ul0\strike0\v0\expnd0\expndtw0\outl0\shad0\f3\fs20\c f0\nosupersub 8.\tab Inventories encompass goods purchased and held for resale i ncluding, for example, merchandise purchased by a retailer and held for resale, or land and ot her property held for resale. Inventories also encompass finished goods produce d, or work in progress being produced, by the entity and include materials and s upplies awaiti ng use in the production process. In the case of a service provider, inventorie

s include the costs of the service, as described in paragraph 19, for which the entity has not yet recognised the related revenue (see IAS 18 }{\cs134\b0\i\ul0\ strike0\v0 \expnd0\expndtw0\outl0\shad0\f3\fs20\cf0\nosupersub Revenue}{\b0\i0\ul0\strike0\ v0\expnd0\expndtw0\outl0\shad0\f3\fs20\cf0\nosupersub ). \par }\pard \s23 \sb279\sa120 {\b\f3\fs28\cf2 Measurement of Inventories \par }\pard \s49 \qj\sb108\sa108\li720\fi-720 {\*\bkmkstart IAS 2, para.9}{\*\bk mkend IAS 2, para.9}{\cs138\b\i\ul0\strike0\v0\expnd0\expndtw0\outl0\shad0\f3\fs 20\cf0\nosupersub 9.\tab Inventories shall be measured at the lower of cost and net realisable value. \par }\pard \s24 \sb240\sa60 {\b\i\f3\fs24\cf2 Cost of Inventories \par }\pard \s47 \qj\sb108\sa108\li720\fi-720 {\*\bkmkstart IAS 2, para.10}{\*\b kmkend IAS 2, para.10}{\cs138\b\i\ul0\strike0\v0\expnd0\expndtw0\outl0\shad0\f3\ fs20\cf0\nosupersub 10.\tab The cost of inventories shall comprise all costs of purchase, cost s of conversion and other costs incurred in bringing the inventories to their pr esent location and condition. \par }\pard \s81 \sb240\sa125\keepn {\b\i\f3\fs22\cf2 Costs of Purchase \par }\pard \s47 \qj\sb108\sa108\li720\fi-720 {\*\bkmkstart IAS 2, para.11}{\*\b kmkend IAS 2, para.11}{\b0\i0\ul0\strike0\v0\expnd0\expndtw0\outl0\shad0\f3\fs20 \cf0\nosupersub 11.\tab The costs of purchase of inventories comprise the purcha se price, impo rt duties and other taxes (other than those subsequently recoverable by the enti ty from the taxing authorities), and transport, handling and other costs directl y attributable to the acquisition of finished goods, materials and services. Tr ade discounts, rebates and other similar items are deducted in determining the costs of purcha se. \par }\pard \s81 \sb240\sa125\keepn {\b\i\f3\fs22\cf2 Costs of Conversion \par }\pard \s47 \qj\sb108\sa108\li720\fi-720 {\*\bkmkstart IAS 2, para.12}{\*\b kmkend IAS 2, para.12}{\b0\i0\ul0\strike0\v0\expnd0\expndtw0\outl0\shad0\f3\fs20 \cf0\nosupersub 12.\tab The costs of conversion of inventories include costs dir ectly related to the units of production, such as direct labour. They also include a systemat ic allocation of fixed and variable production overheads that are incurred in co nverting materials into finished goods. Fixed production overheads are those in direct costs o f production that remain relatively constant regardless of the volume of product ion, such as depreciation and maintenance of factory buildings and equipment, an d the cost of factory management and administration. Variable production overhe ads are those indirect costs of production that vary directly, or nearly directly, with the vo lume of production, such as indirect materials and indirect labour. \par }\pard \s47 \qj\sb108\sa108\li720\fi-720 {\*\bkmkstart IAS 2, para.13}{\*\b kmkend IAS 2, para.13}{\b0\i0\ul0\strike0\v0\expnd0\expndtw0\outl0\shad0\f3\fs20 \cf0\nosupersub 13.\tab The allocation of fixed production overheads to the cost s of conversio n is based on the normal capacity of the production facilities. Normal capacity is the production expected to be achieved on average over a number of periods o r seasons under normal circumstances, taking into account the loss of capacity r esulting from planned maintenance. The actual level of production may be used if it approxima tes normal capacity. The amount of fixed overhead allocated to each unit of pro duction is not increased as a consequence of low production or idle plant. Unal located overhe ads are recognised as an expense in the period in which they are incurred. In p eriods of abnormally high production, the amount of fixed overhead allocated to each unit of production is decreased so that inventories are not measured above cost. Variabl

e production overheads are allocated to each unit of production on the basis of the actual use of the production facilities. \par }\pard \s47 \qj\sb108\sa108\li720\fi-720 {\*\bkmkstart IAS 2, para.14}{\*\b kmkend IAS 2, para.14}{\b0\i0\ul0\strike0\v0\expnd0\expndtw0\outl0\shad0\f3\fs20 \cf0\nosupersub 14.\tab A production process may result in more than one product being produce d simultaneously. This is the case, for example, when joint products are produc ed or when there is a main product and a by-product. When the costs of conversi on of each product are not separately identifiable, they are allocated between t he products on a rational and consistent basis. The allocation may be based, for example, on the relative sales value of each product either at the stage in the production p rocess when the products become separately identifiable, or at the completion of production. Most by-products, by their nature, are immaterial. When this is the case, they are often measured at net realisable value and this value is deducted from the c ost of the main product. As a result, the carrying amount of the main product i s not material ly different from its cost. \par }\pard \s81 \sb240\sa125\keepn {\b\i\f3\fs22\cf2 Other Costs \par }\pard \s47 \qj\sb108\sa108\li720\fi-720 {\*\bkmkstart IAS 2, para.15}{\*\b kmkend IAS 2, para.15}{\b0\i0\ul0\strike0\v0\expnd0\expndtw0\outl0\shad0\f3\fs20 \cf0\nosupersub 15.\tab Other costs are included in the cost of inventories only to the extent that they are incurred in bringing the inventories to their present location an d condition. For example, it may be appropriate to include nonproduction overhe ads or the costs of designing products for specific customers in the cost of inv entories. \par }\pard \s47 \qj\sb108\sa108\li720\fi-720 {\*\bkmkstart IAS 2, para.16}{\*\b kmkend IAS 2, para.16}{\b0\i0\ul0\strike0\v0\expnd0\expndtw0\outl0\shad0\f3\fs20 \cf0\nosupersub 16.\tab Examples of costs excluded from the cost of inventories and recognised as expenses in the period in which they are incurred are: \par }\pard \s59 \qj\sb108\sa108\li1440\fi-720 {\b0\i0\ul0\strike0\v0\expnd0\exp ndtw0\outl0\shad0\f3\fs20\cf0\nosupersub (a)\tab abnormal amounts of wasted mate rials, labour or other production costs; \par }\pard \s59 \qj\sb108\sa108\li1440\fi-720 {\b0\i0\ul0\strike0\v0\expnd0\exp ndtw0\outl0\shad0\f3\fs20\cf0\nosupersub (b)\tab storage costs, unless those cos ts are necessary in the production process before a further production stage; \par }\pard \s59 \qj\sb108\sa108\li1440\fi-720 {\b0\i0\ul0\strike0\v0\expnd0\exp ndtw0\outl0\shad0\f3\fs20\cf0\nosupersub (c)\tab administrative overheads that d o not contribute to bringing inventories to their present location and condition ; and \par }\pard \s59 \qj\sb108\sa108\li1440\fi-720 {\b0\i0\ul0\strike0\v0\expnd0\exp ndtw0\outl0\shad0\f3\fs20\cf0\nosupersub (d)\tab selling costs. \par }\pard \s47 \qj\sb108\sa108\li720\fi-720 {\*\bkmkstart IAS 2, para.17}{\*\b kmkend IAS 2, para.17}{\b0\i0\ul0\strike0\v0\expnd0\expndtw0\outl0\shad0\f3\fs20 \cf0\nosupersub 17.\tab IAS 23 }{\cs134\b0\i\ul0\strike0\v0\expnd0\expndtw0\outl 0\shad0\f3 \fs20\cf0\nosupersub Borrowing Costs}{\b0\i0\ul0\strike0\v0\expnd0\expndtw0\outl 0\shad0\f3\fs20\cf0\nosupersub identifies limited circumstances where borrowing costs are included in the cost of inventories. \par }\pard \s47 \qj\sb108\sa108\li720\fi-720 {\*\bkmkstart IAS 2, para.18}{\*\b kmkend IAS 2, para.18}{\b0\i0\ul0\strike0\v0\expnd0\expndtw0\outl0\shad0\f3\fs20 \cf0\nosupersub 18. \tab An entity may purchase inventories on deferred settleme nt terms. Whe n the arrangement effectively contains a financing element, that element, for ex ample a difference between the purchase price for normal credit terms and the am ount paid, is recognised as interest expense over the period of the financing. \par }\pard \s81 \sb240\sa125\keepn {\b\i\f3\fs22\cf2 Cost of Inventories of a S

ervice Provider \par }\pard \s47 \qj\sb108\sa108\li720\fi-720 {\*\bkmkstart IAS 2, para.19}{\*\b kmkend IAS 2, para.19}{\b0\i0\ul0\strike0\v0\expnd0\expndtw0\outl0\shad0\f3\fs20 \cf0\nosupersub 19.\tab To the extent that service providers have inventories, t hey measure th em at the costs of their production. These costs consist primarily of the labou r and other costs of personnel directly engaged in providing the service, includ ing supervisory personnel, and attributable overheads. Labour and other costs r elating to sal es and general administrative personnel are not included but are recognised as e xpenses in the period in which they are incurred. The cost of inventories of a service provider does not include profit margins or non-attributable overheads t hat are often factored into prices charged by service providers. \par }\pard \s81 \sb240\sa125\keepn {\b\i\f3\fs22\cf2 Cost of Agricultural Produ ce Harvested from Biological Assets \par }\pard \s47 \qj\sb108\sa108\li720\fi-720 {\*\bkmkstart IAS 2, para.20}{\*\b kmkend IAS 2, para.20}{\b0\i0\ul0\strike0\v0\expnd0\expndtw0\outl0\shad0\f3\fs20 \cf0\nosupersub 20.\tab In accordance with IAS 41 }{\cs134\b0\i\ul0\strike0\v0\e xpnd0\expndtw0 \outl0\shad0\f3\fs20\cf0\nosupersub Agriculture,}{\b0\i0\ul0\strike0\v0\expnd0\e xpndtw0\outl0\shad0\f3\fs20\cf0\nosupersub inventories comprising agricultural produce that an entity has harvested from its biological assets are measured on initial recogn ition at their fair value less estimated point-of-sale costs at the point of har vest. This is the cost of the inventories at that date for application of this Standard. \par }\pard \s81 \sb240\sa125\keepn {\b\i\f3\fs22\cf2 Techniques for the Measure ment of Cost \par }\pard \s47 \qj\sb108\sa108\li720\fi-720 {\*\bkmkstart IAS 2, para.21}{\*\b kmkend IAS 2, para.21}{\b0\i0\ul0\strike0\v0\expnd0\expndtw0\outl0\shad0\f3\fs20 \cf0\nosupersub 21.\tab Techniques for the measurement of the cost of inventorie s, such as the standard cost method or the retail method, may be used for convenience if the r esults approximate cost. Standard costs take into account normal levels of mate rials and supplies, labour, efficiency and capacity utilisation. They are regul arly reviewed and, if necessary, revised in the light of current conditions. \par }\pard \s47 \qj\sb108\sa108\li720\fi-720 {\*\bkmkstart IAS 2, para.22}{\*\b kmkend IAS 2, para.22}{\b0\i0\ul0\strike0\v0\expnd0\expndtw0\outl0\shad0\f3\fs20 \cf0\nosupersub 22.\tab The retail method is often used in the retail industry f or measuring i nventories of large numbers of rapidly changing items with similar margins for w hich it is impracticable to use other costing methods. The cost of the inventor y is determined by reducing the sales value of the inventory by the appropriate percentage gro ss margin. The percentage used takes into consideration inventory that has been marked down to below its original selling price. An average percentage for eac h retail department is often used. \par }\pard \s24 \sb240\sa60 {\b\i\f3\fs24\cf2 Cost Formulas \par }\pard \s47 \qj\sb108\sa108\li720\fi-720 {\*\bkmkstart IAS 2, para.23}{\*\b kmkend IAS 2, para.23}{\cs138\b\i\ul0\strike0\v0\expnd0\expndtw0\outl0\shad0\f3\ fs20\cf0\nosupersub 23.\tab The cost of inventories of items that are not ordina rily interchan geable and goods or services produced and segregated for specific projects shall be assigned by using specific identification of their individual costs. \par }\pard \s47 \qj\sb108\sa108\li720\fi-720 {\*\bkmkstart IAS 2, para.24}{\*\b kmkend IAS 2, para.24}{\b0\i0\ul0\strike0\v0\expnd0\expndtw0\outl0\shad0\f3\fs20 \cf0\nosupersub 24.\tab Specific identification of cost means that specific cost s are attribut

ed to identified items of inventory. This is the appropriate treatment for item s that are segregated for a specific project, regardless of whether they have be en bought or produced. However, specific identification of costs is inappropria te when there are large numbers of items of inventory that are ordinarily interchangeable. In such circumstances, the method of selecting those items that remain in inventor ies could be used to obtain predetermined effects on profit or loss. \par }\pard \s47 \qj\sb108\sa108\li720\fi-720 {\*\bkmkstart IAS 2, para.25}{\*\b kmkend IAS 2, para.25}{\cs138\b\i\ul0\strike0\v0\expnd0\expndtw0\outl0\shad0\f3\ fs20\cf0\nosupersub 25.\tab The cost of inventories, other than those dealt with in paragraph 23, shall be assigned by using the first-in, first-out (FIFO) or weighted averag e cost formula. An entity shall use the same cost formula for all inventories h aving a similar nature and use to the entity. For inventories with a different nature or use, different cost formulas may be justified. \par }\pard \s47 \qj\sb108\sa108\li720\fi-720 {\*\bkmkstart IAS 2, para.26}{\*\b kmkend IAS 2, para.26}{\b0\i0\ul0\strike0\v0\expnd0\expndtw0\outl0\shad0\f3\fs20 \cf0\nosupersub 26.\tab For example, inventories used in one business segment ma y have a use t o the entity different from the same type of inventories used in another busines s segment. However, a difference in geographical location of inventories (or in the respective tax rules), by itself, is not sufficient to justify the use of d ifferent cost formulas. \par }\pard \s47 \qj\sb108\sa108\li720\fi-720 {\*\bkmkstart IAS 2, para.27}{\*\b kmkend IAS 2, para.27}{\b0\i0\ul0\strike0\v0\expnd0\expndtw0\outl0\shad0\f3\fs20 \cf0\nosupersub 27.\tab The FIFO formula assumes that the items of inventory tha t were purchas ed or produced first are sold first, and consequently the items remaining in inv entory at the end of the period are those most recently purchased or produced. Under the weighted average cost formula, the cost of each item is determined fro m the weighted average of the cost of similar items at the beginning of a period and the cost of similar items purchased or produced during the period. The average may be ca lculated on a periodic basis, or as each additional shipment is received, depend ing upon the c ircumstances of the entity. \par }\pard \s24 \sb240\sa60 {\b\i\f3\fs24\cf2 Net Realisable Value \par }\pard \s47 \qj\sb108\sa108\li720\fi-720 {\*\bkmkstart IAS 2, para.28}{\*\b kmkend IAS 2, para.28}{\b0\i0\ul0\strike0\v0\expnd0\expndtw0\outl0\shad0\f3\fs20 \cf0\nosupersub 28.\tab The cost of inventories may not be recoverable if those inventories ar e damaged, if they have become wholly or partially obsolete, or if their selling prices have declined. The cost of inventories may also not be recoverable if t he estimated costs of completion or the estimated costs to be incurred to make t he sale have i ncreased. The practice of writing inventories down below cost to net realisable value is consistent with the view that assets should not be carried in excess o f amounts expected to be realised from their sale or use. \par }\pard \s47 \qj\sb108\sa108\li720\fi-720 {\*\bkmkstart IAS 2, para.29}{\*\b kmkend IAS 2, para.29}{\b0\i0\ul0\strike0\v0\expnd0\expndtw0\outl0\shad0\f3\fs20 \cf0\nosupersub 29.\tab Inventories are usually written down to net realisable v alue item by i tem. In some circumstances, however, it may be appropriate to group similar or related items. This may be the case with items of inventory relating to the sam e product line that have similar purposes or end uses, are produced and marketed in the same g eographical area, and cannot be practicably evaluated separately from other item s in that product line. It is not appropriate to write inventories down on the

basis of a classification of inventory, for example, finished goods, or all the inventories in a particular industry or geographical segment. Service providers generally acc umulate costs in respect of each service for which a separate selling price is c harged. Therefore, each such service is treated as a separate item. \par }\pard \s47 \qj\sb108\sa108\li720\fi-720 {\*\bkmkstart IAS 2, para.30}{\*\b kmkend IAS 2, para.30}{\b0\i0\ul0\strike0\v0\expnd0\expndtw0\outl0\shad0\f3\fs20 \cf0\nosupersub 30.\tab Estimates of net realisable value are based on the most reliable evide nce available at the time the estimates are made, of the amount the inventories are expected to realise. These estimates take into consideration fluctuations o f price or cost directly relating to events occurring after the end of the perio d to the exten t that such events confirm conditions existing at the end of the period. \par }\pard \s47 \qj\sb108\sa108\li720\fi-720 {\*\bkmkstart IAS 2, para.31}{\*\b kmkend IAS 2, para.31}{\b0\i0\ul0\strike0\v0\expnd0\expndtw0\outl0\shad0\f3\fs20 \cf0\nosupersub 31.\tab Estimates of net realisable value also take into conside ration the pur pose for which the inventory is held. For example, the net realisable value of the quantity of inventory held to satisfy firm sales or service contracts is bas ed on the contract price. If the sales contracts are for less than the inventor y quantities h eld, the net realisable value of the excess is based on general selling prices. Provisions may arise from firm sales contracts in excess of inventory quantitie s held or from firm purchase contracts. Such provisions are dealt with under IA S 37 }{\cs134 \b0\i\ul0\strike0\v0\expnd0\expndtw0\outl0\shad0\f3\fs20\cf0\nosupersub Provisio ns, Contingent Liabilities and Contingent Assets. \par }\pard \s47 \qj\sb108\sa108\li720\fi-720 {\*\bkmkstart IAS 2, para.32}{\*\b kmkend IAS 2, para.32}{\b0\i0\ul0\strike0\v0\expnd0\expndtw0\outl0\shad0\f3\fs20 \cf0\nosupersub 32.\tab Materials and other supplies held for use in the product ion of invento ries are not written down below cost if the finished products in which they will be incorporated are expected to be sold at or above cost. However, when a decl ine in the price of materials indicates that the cost of the finished products e xceeds net rea lisable value, the materials are written down to net realisable value. In such circumstances, the replacement cost of the materials may be the best available m easure of their net realisable value. \par }\pard \s47 \qj\sb108\sa108\li720\fi-720 {\*\bkmkstart IAS 2, para.33}{\*\b kmkend IAS 2, para.33}{\b0\i0\ul0\strike0\v0\expnd0\expndtw0\outl0\shad0\f3\fs20 \cf0\nosupersub 33.\tab A new assessment is made of net realisable value in each subsequent pe riod. When the circumstances that previously caused inventories to be written d own below cost no longer exist or when there is clear evidence of an increase in net realisable value because of changed economic circumstances, the amount of t he write-down is reversed (ie the reversal is limited to the amount of the original write-down ) so that the new carrying amount is the lower of the cost and the revised net r ealisable value. This occurs, for example, when an item of inventory that is ca rried at net r ealisable value, because its selling price has declined, is still on hand in a s ubsequent period and its selling price has increased. \par }\pard \s23 \sb279\sa120 {\b\f3\fs28\cf2 Recognition as an Expense \par }\pard \s47 \qj\sb108\sa108\li720\fi-720 {\*\bkmkstart IAS 2, para.34}{\*\b kmkend IAS 2, para.34}{\cs138\b\i\ul0\strike0\v0\expnd0\expndtw0\outl0\shad0\f3\ fs20\cf0\nosupersub 34.\tab When inventories are sold, the carrying amount of th ose inventorie s shall be recognised as an expense in the period in which the related revenue i s recognised. The amount of any write-down of inventories to net realisable val

ue and all losses of inventories shall be recognised as an expense in the period the write-dow n or loss occurs. The amount of any reversal of any write-down of inventories, arising from an increase in net realisable value, shall be recognised as a reduc tion in the amount of inventories recognised as an expense in the period in whic h the reversal occurs. \par }\pard \s47 \qj\sb108\sa108\li720\fi-720 {\*\bkmkstart IAS 2, para.35}{\*\b kmkend IAS 2, para.35}{\b0\i0\ul0\strike0\v0\expnd0\expndtw0\outl0\shad0\f3\fs20 \cf0\nosupersub 35.\tab Some inventories may be allocated to other asset account s, for example , inventory used as a component of self-constructed property, plant or equipment . Inventories allocated to another asset in this way are recognised as an expen se during the useful life of that asset. \par }\pard \s23 \sb279\sa120 {\b\f3\fs28\cf2 Disclosure \par }\pard \s47 \qj\sb108\sa108\li720\fi-720 {\*\bkmkstart IAS 2, para.36}{\*\b kmkend IAS 2, para.36}{\cs138\b\i\ul0\strike0\v0\expnd0\expndtw0\outl0\shad0\f3\ fs20\cf0\nosupersub 36.\tab The financial statements shall}{\b0\i0\ul0\strike0\v 0\expnd0 \expndtw0\outl0\shad0\f3\fs20\cf0\nosupersub }{\cs138\b\i\ul0\strike0\v0\expnd0 \expndtw0\outl0\shad0\f3\fs20\cf0\nosupersub disclose: \par }\pard \s59 \qj\sb108\sa108\li1440\fi-720 {\cs138\b\i\ul0\strike0\v0\expnd0 \expndtw0\outl0\shad0\f3\fs20\cf0\nosupersub (a)\tab the accounting policies ado pted in measuring inventories, including the cost formula used; \par }\pard \s59 \qj\sb108\sa108\li1440\fi-720 {\cs138\b\i\ul0\strike0\v0\expnd0 \expndtw0\outl0\shad0\f3\fs20\cf0\nosupersub (b)\tab the total carrying amount o f inventories and the carrying amount in classifications appropriate to the enti ty; \par }\pard \s59 \qj\sb108\sa108\li1440\fi-720 {\cs138\b\i\ul0\strike0\v0\expnd0 \expndtw0\outl0\shad0\f3\fs20\cf0\nosupersub (c)\tab the carrying amount of inve ntories carried at fair value less costs to sell; \par }\pard \s59 \qj\sb108\sa108\li1440\fi-720 {\cs138\b\i\ul0\strike0\v0\expnd0 \expndtw0\outl0\shad0\f3\fs20\cf0\nosupersub (d)\tab the amount of inventories r ecognised as an expense during the period; \par }\pard \s59 \qj\sb108\sa108\li1440\fi-720 {\cs138\b\i\ul0\strike0\v0\expnd0 \expndtw0\outl0\shad0\f3\fs20\cf0\nosupersub (e)\tab the amount of any write-dow n of inventories recognised as an expense in the period in accordance with parag raph 34; \par }\pard \s59 \qj\sb108\sa108\li1440\fi-720 {\cs138\b\i\ul0\strike0\v0\expnd0 \expndtw0\outl0\shad0\f3\fs20\cf0\nosupersub (f)\tab the amount of any reversal of any write-down that is recognised as a reduction in the amount of inventories recognised as expense in the period in accordance with paragraph 34; \par }\pard \s59 \qj\sb108\sa108\li1440\fi-720 {\cs138\b\i\ul0\strike0\v0\expnd0 \expndtw0\outl0\shad0\f3\fs20\cf0\nosupersub (g)\tab the circumstances or events that led to the reversal of a writedown of inventories in accordance with parag raph 34; and \par }\pard \s59 \qj\sb108\sa108\li1440\fi-720 {\cs138\b\i\ul0\strike0\v0\expnd0 \expndtw0\outl0\shad0\f3\fs20\cf0\nosupersub (h)\tab the carrying amount of inve ntories pledged as security for liabilities. \par }\pard \s47 \qj\sb108\sa108\li720\fi-720 {\*\bkmkstart IAS 2, para.37}{\*\b kmkend IAS 2, para.37}{\b0\i0\ul0\strike0\v0\expnd0\expndtw0\outl0\shad0\f3\fs20 \cf0\nosupersub 37.\tab Information about the carrying amounts held in different classificatio ns of inventories and the extent of the changes in these assets is useful to fin ancial statement users. Common classifications of inventories are merchandise, production supplies, materials, work in progress and finished goods. The invent ories of a ser vice provider may be described as work in progress. \par }\pard \s47 \qj\sb108\sa108\li720\fi-720 {\*\bkmkstart IAS 2, para.38}{\*\b

kmkend IAS 2, para.38}{\b0\i0\ul0\strike0\v0\expnd0\expndtw0\outl0\shad0\f3\fs20 \cf0\nosupersub 38.\tab The amount of inventories recognised as an expense durin g the period, which is often referred to as cost of sales, consists of those costs previously included in the measurement of inventory that has now been sold and unallocated production overheads and abnormal amounts of production costs of inventories. T he circumstanc es of the entity may also warrant the inclusion of other amounts, such as distri bution costs. \par }\pard \s47 \qj\sb108\sa108\li720\fi-720 {\*\bkmkstart IAS 2, para.39}{\*\b kmkend IAS 2, para.39}{\b0\i0\ul0\strike0\v0\expnd0\expndtw0\outl0\shad0\f3\fs20 \cf0\nosupersub 39.\tab Some entities adopt a format for profit or loss that res ults in amount s being disclosed other than the cost of inventories recognised as an expense du ring the period. Under this format, an entity presents an analysis of expenses using a classification based on the nature of expenses. In this case, the entit y discloses th e costs recognised as an expense for raw materials and consumables, labour costs and other costs together with the amount of the net change in inventories for t he period. \par }\pard \s23 \sb279\sa120 {\b\f3\fs28\cf2 Effective Date \par }\pard \s47 \qj\sb108\sa108\li720\fi-720 {\*\bkmkstart IAS 2, para.40}{\*\b kmkend IAS 2, para.40}{\cs138\b\i\ul0\strike0\v0\expnd0\expndtw0\outl0\shad0\f3\ fs20\cf0\nosupersub 40.\tab An entity shall apply this Standard for annual perio ds beginning o n or after 1 January 2005. Earlier application is encouraged. If an entity app lies this Standard for a period beginning before 1 January 2005, it shall disclo se that fact. \par }\pard \s23 \sb279\sa120 {\b\f3\fs28\cf2 Withdrawal of Other Pronouncements \par }\pard \s47 \qj\sb108\sa108\li720\fi-720 {\*\bkmkstart IAS 2, para.41}{\*\b kmkend IAS 2, para.41}{\b0\i0\ul0\strike0\v0\expnd0\expndtw0\outl0\shad0\f3\fs20 \cf0\nosupersub 41.\tab This Standard supersedes IAS 2 }{\cs134\b0\i\ul0\strike0 \v0\expnd0 \expndtw0\outl0\shad0\f3\fs20\cf0\nosupersub Inventories}{\b0\i0\ul0\strike0\v0\ expnd0\expndtw0\outl0\shad0\f3\fs20\cf0\nosupersub (revised in 1993). \par }\pard \s47 \qj\sb108\sa108\li720\fi-720 {\*\bkmkstart IAS 2, para.42}{\*\b kmkend IAS 2, para.42}{\b0\i0\ul0\strike0\v0\expnd0\expndtw0\outl0\shad0\f3\fs20 \cf0\nosupersub 42.\tab This Standard supersedes SIC-1 }{\cs134\b0\i\ul0\strike0 \v0\expnd0 \expndtw0\outl0\shad0\f3\fs20\cf0\nosupersub Consistency\'97Different Cost Formu las for Inventories}{\b0\i0\ul0\strike0\v0\expnd0\expndtw0\outl0\shad0\f3\fs20\c f0\nosupersub . \par }\pard \s23 \sb279\sa120 {\*\bkmkstart IAS 2, App}{\*\bkmkend IAS 2, App}{\ b\f3\fs28\cf2 Appendix \par }\pard \s24 \sb240\sa60 {\b\i\f3\fs24\cf2 Amendments to Other Pronouncement s \par }\pard \s9 \qj\sb108\sa108 {\cs134\b0\i\ul0\strike0\v0\expnd0\expndtw0\outl 0\shad0\f3\fs20\cf0\nosupersub The amendments in this appendix shall be applied for annual periods beginning on or after 1 January 2005. If an entity applies t his Standard f or an earlier period, these amendments shall be applied for that earlier period. \par }\pard \s9 \qc\sb108\sa108 {\b0\i0\ul0\strike0\v0\expnd0\expndtw0\outl0\sha d0\f3\fs20\cf0\nosupersub * * * * * \par }\pard \s9 \qj\sb108\sa108 {\cs134\b0\i\ul0\strike0\v0\expnd0\expndtw0\outl 0\shad0\f3\fs20\cf0\nosupersub The amendments contained in this appendix when th is Standard was revised in 2003 have been incorporated into the relevant pronoun cements publis hed in this volume \par }\pard \s23 \sb279\sa120 {\b\f3\fs28\cf2 Approval of IAS 2 by the Board

\par }\pard \s9 \qj\sb108\sa108 {\b0\i0\ul0\strike0\v0\expnd0\expndtw0\outl0\sha d0\f3\fs20\cf0\nosupersub International Accounting Standard 2 }{\b0\i\ul0\strike 0\v0\expnd0\expndtw0\outl0\shad0\f3\fs20\cf0\nosupersub Inventories}{\b0\i0\ul0\ strike0\v0 \expnd0\expndtw0\outl0\shad0\f3\fs20\cf0\nosupersub was approved for issue by t he fourteen members of the International Accounting Standards Board. \par }\pard \trowd \cellx3100\cellx6200\pard\intbl \s106 {\b0\i0\ul0\strike0\v0\expnd0\expndtw0\outl0\shad0\f3\fs18\cf0\nosupersub Sir David Tweedie\cell \s106 }{\b0\i0\ul0\strike0\v0\expnd0\expndtw0\outl0\shad0 \f3\fs18\cf0\nosupersub Chairman\cell } \row \trowd \cellx3100\cellx6200\pard\intbl \s106 {\b0\i0\ul0\strike0\v0\expnd0\expndtw0\outl0\shad0\f3\fs18\cf0\nosupersub Thomas E Jones\cell \s106 }{\b0\i0\ul0\strike0\v0\expnd0\expndtw0\outl0\shad0\f3 \fs18\cf0\nosupersub Vice-Chairman\cell } \row \trowd \cellx3100\cellx6200\pard\intbl \s106 {\b0\i0\ul0\strike0\v0\expnd0\expndtw0\outl0 \shad0\f3\fs18\cf0\nosupersub Mary E Barth\cell \s106 }{\b0\i0\ul0\strike0\v0\ex pnd0\expndtw0\outl0\shad0\f3\fs18\cf0\nosupersub \cell } \row \trowd \cellx3100\cellx6200\pard\intbl \s106 {\b0\i0\ul0\strike0\v0\expnd0\expndtw0\outl0\shad0\f3\fs18\cf0\nosupersub Hans-Georg Bruns\cell \s106 }{\b0\i0 \ul0\strike0\v0\expnd0\expndtw0\outl0\shad0\f3\fs18\cf0\nosupersub \cell } \row \trowd \cellx3100\cellx6200\pard\intbl \s106 {\b0\i0\ul0\strike0\v0\expnd0\expndtw0\outl0\shad0\f3\fs18\cf0\nosupersub Anthony T Cope\cell \s106 }{\b0\i0\ul0\strike0\v0\expnd0\expndtw0\outl0\shad0\f3 \fs18\cf0\nosupersub \cell } \row \trowd \cellx3100\cellx6200\pard\intbl \s106 {\b0\i0\ul0\strike0\v0\expnd0\expndtw0\outl0\shad0\f3\fs18\cf0\nosupersub Robert P Garnett\cell \s106 }{\b0\i0\ul0\strike0\v0\expnd0\expndtw0\outl0\shad0\ f3\fs18\cf0\nosupersub \cell } \row \trowd \cellx3100\cellx6200\pard\intbl \s106 {\b0\i0\ul0\strike0\v0\expnd0\expndtw0\outl0\shad0 \f3\fs18\cf0\nosupersub Gilbert G\'e9lard\cell \s106 }{\b0\i0\ul0\strike0\v0\exp nd0\expndtw0\outl0\shad0\f3\fs18\cf0\nosupersub \cell } \row \trowd \cellx3100\cellx6200\pard\intbl \s106 {\b0\i0\ul0\strike0\v0\expnd0\expndtw0\outl0\shad0\f3\fs18\cf0\nosupersub James J Leisenring\cell \s106 }{\b0\i0 \ul0\strike0\v0\expnd0\expndtw0\outl0\shad0\f3\fs18\cf0\nosupersub \cell } \row \trowd \cellx3100\cellx6200\pard\intbl \s106 {\b0\i0\ul0\strike0\v0\expnd0\expndtw0\outl0\shad0\f3\fs18\cf0\nosupersub Warren J McGregor\cell \s106 }{\b0\i0\ul0\strike0\v0\expnd0\expndtw0\outl0\shad0 \f3\fs18\cf0 \nosupersub \cell } \row \trowd \cellx3100\cellx6200\pard\intbl \s106 {\b0\i0\ul0\strike0\v0\expnd0\expndtw0\outl0\shad0\f3\fs18\cf0\nosupersub Patricia L O\'92Malley\cell \s106 }{\b0\i0\ul0\strike0\v0\expnd0\expndtw0\outl0\ shad0\f3\fs18\cf0\nosupersub \cell } \row \trowd \cellx3100\cellx6200\pard\intbl \s106 {\b0\i0\ul0\strike0\v0\expnd0 \expndtw0\outl0\shad0\f3\fs18\cf0\nosupersub Harry K Schmid\cell \s106 }{\b0\i0\ ul0\strike0\v0\expnd0\expndtw0\outl0\shad0\f3\fs18\cf0\nosupersub \cell } \row \trowd \cellx3100\cellx6200\pard\intbl \s106 {\b0\i0\ul0\strike0\v0\expnd0\expndtw0\outl0\shad0\f3\fs18\cf0\nosupersub John T Smith\cell \s106 }{\b0\i0\ul0\strike0\v0\expnd0\expndtw0\outl0\shad0\f3\fs18\cf0\nosupersub \cell } \row \trowd \cellx3100\cellx6200\pard\intbl \s106 {\b0\i0\ul0\strike0\v0\expnd0\expndtw0\outl0\shad0\f3\fs18\cf0\nosupersub

Geoffrey Whittington\cell \s106 }{\b0\i0\ul0\strike0\v0\expnd0\expndtw0\outl0\sh ad0\f3 \fs18\cf0\nosupersub \cell } \row \trowd \cellx3100\cellx6200\pard\intbl \s106 {\b0\i0\ul0\strike0\v0\expnd0\expndtw0\outl0\shad0\f3\fs18\cf0\nosupersub Tatsumi Yamada\cell \s106 }{\b0\i0\ul0\strike0\v0\expnd0\expndtw0\outl0\shad0\f3 \fs18\cf0\nosupersub \cell } \row \pard \s122 \par \pard \s23 \sb279\sa120 {\*\bkmkstart IAS 2, BC}{\*\bkmkend IAS 2, BC }{\b\f3\fs28\cf2 Basis for Conclusions \par }\pard \s9 \qj\sb108\sa108 {\cs134\b0\i\ul0\strike0\v0\expnd0\expndtw0\outl 0\shad0\f3\fs20\cf0\nosupersub This Basis for Conclusions accompanies, but is no t part of, IAS 2. \par }\pard \s24 \sb240\sa60 {\b\i\f3\fs24\cf2 Introduction \par }\pard \s46 \qj\sb108\sa108\li720\fi-720 {\*\bkmkstart IAS 2, para.BC1}{\*\ bkmkend IAS 2, para.BC1}{\b0\i0\ul0\strike0\v0\expnd0\expndtw0\outl0\shad0\f3\fs 20\cf0\nosupersub BC1.\tab This Basis for Conclusions summarises the Internation al Accounting Standards Board\'92s considerations in reaching its conclusions on revising IAS 2 }{\cs134\b0\i\ul0\strike0\v0\expnd0\expndtw0\outl0\shad0\f3\fs20\cf0\nosupersu b Inventories}{\b0\i0\ul0\strike0\v0\expnd0\expndtw0\outl0\shad0\f3\fs20\cf0\nos upersub in 20 03. Individual Board members gave greater weight to some factors than to others . \par }\pard \s46 \qj\sb108\sa108\li720\fi-720 {\*\bkmkstart IAS 2, para.BC2}{\*\ bkmkend IAS 2, para.BC2}{\b0\i0\ul0\strike0\v0\expnd0\expndtw0\outl0\shad0\f3\fs 20\cf0\nosupersub BC2.\tab In July 2001 the Board announced that, as part of its initial agend a of technical projects, it would undertake a project to improve a number of Sta ndards, including IAS 2. The project was undertaken in the light of queries and criticisms raised in relation to the Standards by securities regulators, profes sional account ants and other interested parties. The objectives of the Improvements project w ere to reduce or eliminate alternatives, redundancies and conflicts within Stand ards, to deal with some convergence issues and to make other improvements. In M ay 2002 the Bo ard published its proposals in an Exposure Draft of }{\cs134\b0\i\ul0\strike0\v0 \expnd0\expndtw0\outl0\shad0\f3\fs20\cf0\nosupersub Improvements to Internationa l Accounting Standards}{\b0\i0\ul0\strike0\v0\expnd0\expndtw0\outl0\shad0\f3\fs2 0\cf0 \nosupersub , with a comment deadline of 16 September 2002. The Board received over 160 comment letters on the Exposure Draft. \par }\pard \s46 \qj\sb108\sa108\li720\fi-720 {\*\bkmkstart IAS 2, para.BC3}{\*\ bkmkend IAS 2, para.BC3}{\b0\i0\ul0\strike0\v0\expnd0\expndtw0\outl0\shad0\f3\fs 20\cf0\nosupersub BC3.\tab Because the Board\'92s intention was not to reconside r the fundamen tal approach to the accounting for inventories established by IAS 2, this Basis for Conclusions does not discuss requirements in IAS 2 that the Board has not re considered. \par }\pard \s24 \sb240\sa60 {\b\i\f3\fs24\cf2 Scope \par }\pard \s81 \sb240\sa125\keepn {\b\i\f3\fs22\cf2 Reference to historical co st system \par }\pard \s46 \qj\sb108\sa108\li720\fi-720 {\*\bkmkstart IAS 2, para.BC4}{\*\ bkmkend IAS 2, para.BC4}{\b0\i0\ul0\strike0\v0\expnd0\expndtw0\outl0\shad0\f3\fs 20\cf0\nosupersub BC4.\tab Both the objective and the scope of the previous vers ion of IAS 2 r eferred to \'93the accounting treatment for inventories under the historical cos t system.\'94 Some had interpreted those words as meaning that the Standard app lied only under a historical cost system and permitted entities the choice of ap

plying other m easurement bases, for example fair value. \par }\pard \s46 \qj\sb108\sa108\li720\fi-720 {\*\bkmkstart IAS 2, para.BC5}{\*\ bkmkend IAS 2, para.BC5}{\b0\i0\ul0\strike0\v0\expnd0\expndtw0\outl0\shad0\f3\fs 20\cf0\nosupersub BC5.\tab The Board agreed that those words could be seen as pe rmitting a cho ice, resulting in inconsistent application of the Standard. Accordingly, it del eted the words \'93in the context of the historical cost system in accounting fo r inventories\'94 to clarify that the Standard applies to all inventories that a re not specifi cally exempted from its scope. \par }\pard \s81 \sb240\sa125\keepn {\b\i\f3\fs22\cf2 Inventories of broker-trad ers \par }\pard \s46 \qj\sb108\sa108\li720\fi-720 {\*\bkmkstart IAS 2, para.BC6}{\*\ bkmkend IAS 2, para.BC6}{\b0\i0\ul0\strike0\v0\expnd0\expndtw0\outl0\shad0\f3\fs 20\cf0\nosupersub BC6.\tab The Exposure Draft proposed excluding from the scope of the Standar d inventories of non-producers of agricultural and forest products and mineral o res to the extent that these inventories are measured at net realisable value in accordance with well-established industry practices. However, some respondents disagreed wit h this scope exemption for the following reasons: \par }\pard \s59 \qj\sb108\sa108\li1440\fi-720 {\b0\i0\ul0\strike0\v0\expnd0\exp ndtw0\outl0\shad0\f3\fs20\cf0\nosupersub (a)\tab the scope exemption should appl y to all types of inventories of brokertraders; \par }\pard \s59 \qj\sb108\sa108\li1440\fi-720 {\b0\i0\ul0\strike0\v0\expnd0\exp ndtw0\outl0\shad0\f3\fs20\cf0\nosupersub (b)\tab established practice is for bro ker-traders to follow a marktomarket approach rather than to value these invento ries at net re alisable value; \par }\pard \s59 \qj\sb108\sa108\li1440\fi-720 {\b0\i0\ul0\strike0\v0\expnd0\exp ndtw0\outl0\shad0\f3\fs20\cf0\nosupersub (c)\tab the guidance on net realisable value in IAS 2 is not appropriate for the valuation of inventories of broker-tra ders. \par }\pard \s46 \qj\sb108\sa108\li720\fi-720 {\*\bkmkstart IAS 2, para.BC7}{\*\ bkmkend IAS 2, para.BC7}{\b0\i0\ul0\strike0\v0\expnd0\expndtw0\outl0\shad0\f3\fs 20\cf0\nosupersub BC7.\tab The Board found these comments persuasive. Therefore it decided th at the Standard should not apply to the measurement of inventories of: \par }\pard \s59 \qj\sb108\sa108\li1440\fi-720 {\b0\i0\ul0\strike0\v0\expnd0\exp ndtw0\outl0\shad0\f3\fs20\cf0\nosupersub (a)\tab producers of agricultural and f orest products, agricultural produce after harvest, and minerals and mineral pro ducts, to the extent that they are measured at net realisable value (as in the previous versio n of IAS 2), or \par }\pard \s59 \qj\sb108\sa108\li1440\fi-720 {\b0\i0\ul0\strike0\v0\expnd0\exp ndtw0\outl0\shad0\f3\fs20\cf0\nosupersub (b)\tab commodity broker-traders when t heir inventories are measured at fair value less costs to sell. \par }\pard \s46 \qj\sb108\sa108\li720\fi-720 {\*\bkmkstart IAS 2, para.BC8}{\*\ bkmkend IAS 2, para.BC8}{\b0\i0\ul0\strike0\v0\expnd0\expndtw0\outl0\shad0\f3\fs 20\cf0\nosupersub BC8.\tab The Board further decided that the measurement of the effect of inv entories on profit or loss for the period needed to be consistent with the measu rement attribute of inventories for which such exemption is allowed. Accordingl y, to qualify under (a) or (b), the Standard requires changes in the recognised amount of inve ntories to be included in profit or loss for the period. The Board believes thi s is particularly appropriate in the case of commodity broker-traders because th ey seek to profit from fluctuations in prices and trade margins. \par }\pard \s24 \sb240\sa60 {\b\i\f3\fs24\cf2 Cost Formulas

\par }\pard \s46 \qj\sb108\sa108\li720\fi-720 {\*\bkmkstart IAS 2, para.BC9}{\*\ bkmkend IAS 2, para.BC9}{\b0\i0\ul0\strike0\v0\expnd0\expndtw0\outl0\shad0\f3\fs 20\cf0\nosupersub BC9.\tab The combination of the previous version of IAS 2 and SIC-1 }{\cs134 \b0\i\ul0\strike0\v0\expnd0\expndtw0\outl0\shad0\f3\fs20\cf0\nosupersub Consiste ncy\'97Different Cost Formulas for Inventories}{\b0\i0\ul0\strike0\v0\expnd0\exp ndtw0\outl0\shad0\f3\fs20\cf0\nosupersub allowed some choice between first-in, first-out (FIF O) or weighted average cost formulas (benchmark treatment) and the last-in, firs t-out (LIFO) method (allowed alternative treatment). The Board decided to elimi nate the allowed alternative of using the LIFO method. \par }\pard \s45 \qj\sb108\sa108\li720\fi-720 {\*\bkmkstart IAS 2, para.BC10}{\* \bkmkend IAS 2, para.BC10}{\b0\i0\ul0\strike0\v0\expnd0\expndtw0\outl0\shad0\f3\ fs20\cf0\nosupersub BC10.\tab The LIFO method treats the newest items of invento ry as being so ld first, and consequently the items remaining in inventory are recognised as if they were the oldest. This is generally not a reliable representation of actua l inventory flows. \par }\pard \s45 \qj\sb108\sa108\li720\fi-720 {\*\bkmkstart IAS 2, para.BC11}{\* \bkmkend IAS 2, para.BC11}{\b0\i0\ul0\strike0\v0\expnd0\expndtw0\outl0\shad0\f3\ fs20\cf0\nosupersub BC11.\tab The LIFO method is an attempt to meet a perceived deficiency of the conventional accounting model (the measurement of cost of goods sold expense by reference to outdated prices for the inventories sold, whereas sales revenue is measured at current prices). It does so by imposing an unrealistic cost flo w assumption. \par }\pard \s45 \qj\sb108\sa108\li720\fi-720 {\*\bkmkstart IAS 2, para.BC12}{\* \bkmkend IAS 2, para.BC12}{\b0\i0\ul0\strike0\v0\expnd0\expndtw0\outl0\shad0\f3\ fs20\cf0\nosupersub BC12.\tab The use of LIFO in financial reporting is often ta x-driven, beca use it results in cost of goods sold expense calculated using the most recent pr ices being deducted from revenue in the determination of the gross margin. The LIFO method reduces (increases) profits in a manner that tends to reflect the ef fect that incr eased (decreased) prices would have on the cost of replacing inventories sold. However, this effect depends on the relationship between the prices of the most recent inventory acquisitions and the replacement cost at the end of the period. Thus, it is not a truly systematic method for determining the effect of changing prices on p rofits. \par }\pard \s45 \qj\sb108\sa108\li720\fi-720 {\*\bkmkstart IAS 2, para.BC13}{\* \bkmkend IAS 2, para.BC13}{\b0\i0\ul0\strike0\v0\expnd0\expndtw0\outl0\shad0\f3\ fs20\cf0\nosupersub BC13.\tab The use of LIFO results in inventories being recog nised in the b alance sheet at amounts that bear little relationship to recent cost levels of i nventories. However, LIFO can distort profit or loss, especially when \'91prese rved\'92 older \'91layers\'92 of inventory are presumed to have been used when i nventories are substantially reduced. It is more likely in these circumstances that relativel y new inventories will have been used to meet the increased demands on inventory . \par }\pard \s45 \qj\sb108\sa108\li720\fi-720 {\*\bkmkstart IAS 2, para.BC14}{\* \bkmkend IAS 2, para.BC14}{\b0\i0\ul0\strike0\v0\expnd0\expndtw0\outl0\shad0\f3\ fs20\cf0\nosupersub BC14.\tab Some respondents argued that the use of LIFO has m erit in certai n circumstances because it partially adjusts profit or loss for the effects of p rice changes. The Board concluded that it is not appropriate to allow an approa ch that results in a measurement of profit or loss for the period that is incons istent with th e measurement of inventories for balance sheet purposes.

\par }\pard \s45 \qj\sb108\sa108\li720\fi-720 {\*\bkmkstart IAS 2, para.BC15}{\* \bkmkend IAS 2, para.BC15}{\b0\i0\ul0\strike0\v0\expnd0\expndtw0\outl0\shad0\f3\ fs20\cf0\nosupersub BC15.\tab Other respondents argued that in some industries, such as the oi l and gas industry, inventory levels are driven by security considerations and o ften represent a minimum of 90 days of sales. They argue that, in these industr ies, the use of LIFO better reflects an entity\'92s performance because inventor ies held as se curity stocks are closer to long-term assets than to working capital. \par }\pard \s45 \qj\sb108\sa108\li720\fi-720 {\*\bkmkstart IAS 2, para.BC16}{\* \bkmkend IAS 2, para.BC16}{\b0\i0\ul0\strike0\v0\expnd0\expndtw0\outl0\shad0\f3\ fs20\cf0\nosupersub BC16.\tab The Board was not convinced by these arguments bec ause these sec urity stocks do not match historical layers under a LIFO computation. \par }\pard \s45 \qj\sb108\sa108\li720\fi-720 {\*\bkmkstart IAS 2, para.BC17}{\* \bkmkend IAS 2, para.BC17}{\b0\i0\ul0\strike0\v0\expnd0\expndtw0\outl0\shad0\f3\ fs20\cf0\nosupersub BC17.\tab Other respondents argued that in some cases, for e xample, when m easuring coal dumps, piles of iron or metal scraps (when stock bins are replenis hed by \'91topping up\'92), the LIFO method reflects the actual physical flow of inventories. \par }\pard \s45 \qj\sb108\sa108\li720\fi-720 {\*\bkmkstart IAS 2, para.BC18}{\* \bkmkend IAS 2, para.BC18}{\b0\i0\ul0\strike0\v0\expnd0\expndtw0\outl0\shad0\f3\ fs20\cf0\nosupersub BC18.\tab The Board concluded that valuation of these invent ories follows a direct costing approach where actual physical flows are matched with direct co sts, which is a method different from LIFO. \par }\pard \s45 \qj\sb108\sa108\li720\fi-720 {\*\bkmkstart IAS 2, para.BC19}{\* \bkmkend IAS 2, para.BC19}{\b0\i0\ul0\strike0\v0\expnd0\expndtw0\outl0\shad0\f3\ fs20\cf0\nosupersub BC19.\tab The Board decided to eliminate the LIFO method bec ause of its la ck of representational faithfulness of inventory flows. This decision does not rule out specific cost methods that reflect inventory flows that are similar to LIFO. \par }\pard \s45 \qj\sb108\sa108\li720\fi-720 {\*\bkmkstart IAS 2, para.BC20}{\* \bkmkend IAS 2, para.BC20}{\b0\i0\ul0\strike0\v0\expnd0\expndtw0\outl0\shad0\f3\ fs20\cf0\nosupersub BC20.\tab The Board recognised that, in some jurisdictions, use of the LIF O method for tax purposes is possible only if that method is also used for accou nting purposes. It concluded, however, that tax considerations do not provide a n adequate conceptual basis for selecting an appropriate accounting treatment an d that it is n ot acceptable to allow an inferior accounting treatment purely because of tax re gulations and advantages in particular jurisdictions. This may be an issue for local taxation authorities. \par }\pard \s45 \qj\sb108\sa108\li720\fi-720 {\*\bkmkstart IAS 2, para.BC21}{\* \bkmkend IAS 2, para.BC21}{\b0\i0\ul0\strike0\v0\expnd0\expndtw0\outl0\shad0\f3\ fs20\cf0\nosupersub BC21.\tab IAS 2 continues to allow the use of both the FIFO and the weight ed average methods for interchangeable inventories. \par }\pard \s81 \sb240\sa125\keepn {\b\i\f3\fs22\cf2 Cost of inventories recogn ised as an expense in the period \par }\pard \s45 \qj\sb108\sa108\li720\fi-720 {\*\bkmkstart IAS 2, para.BC22}{\* \bkmkend IAS 2, para.BC22}{\b0\i0\ul0\strike0\v0\expnd0\expndtw0\outl0\shad0\f3\ fs20\cf0\nosupersub BC22.\tab The Exposure Draft proposed deleting paragraphs in the previous version of IAS 2 that required disclosure of the cost of inventories recognised as an expense in the period, because this disclosure is required in IAS 1 }{\cs1 34\b0\i\ul0\strike0\v0\expnd0\expndtw0\outl0\shad0\f3\fs20\cf0\nosupersub Presen tation of Fina

ncial Statements}{\b0\i0\ul0\strike0\v0\expnd0\expndtw0\outl0\shad0\f3\fs20\cf0\ nosupersub . \par }\pard \s45 \qj\sb108\sa108\li720\fi-720 {\*\bkmkstart IAS 2, para.BC23}{\* \bkmkend IAS 2, para.BC23}{\b0\i0\ul0\strike0\v0\expnd0\expndtw0\outl0\shad0\f3\ fs20\cf0\nosupersub BC23.\tab Some respondents observed that IAS 1 does not spec ifically requi re disclosure of the cost of inventories recognised as an expense in the period when presenting an analysis of expenses using a classification based on their fu nction. They argued that this information is important to understand the financ ial statements . Therefore the Board decided to require this disclosure specifically in IAS 2. \par }\pard \s23 \sb279\sa120 {\*\bkmkstart IAS 2, TOC}{\*\bkmkend IAS 2, TOC}{\ b\f3\fs28\cf2 Table of Concordance \par }\pard \s9 \qj\sb108\sa108 {\b0\i0\ul0\strike0\v0\expnd0\expndtw0\outl0\sha d0\f3\fs20\cf0\nosupersub This table shows how the contents of the superseded ve rsion of IAS 2 and the current version of IAS 2 correspond. Paragraphs are trea ted as corresp onding if they broadly address the same matter even though the guidance may diff er. \par }\pard \s9 \qj\sb108\sa108 {\b0\i0\ul0\strike0\v0\expnd0\expndtw0\outl0\sha d0\f3\fs20\cf0\nosupersub This table also shows how the requirements of SIC Inte rpretation SIC-1 have been incorporated into the current version of IAS 2. \par }\pard \trowd\trqr\trrh760 \clbrdrl\brdrs\brdrw10\brsp0\brdrcf0\clbrdrr\brd rs\brdrw10\brsp0\brdrcf0\clbrdrt\brdrs\brdrw10\brsp0\brdrcf0\clbrdrb\brdrs\brdrw 10\brsp0\brdrcf0\cellx1181\clbrdrl\brdrs\brdrw10\brsp0\brdrcf0\clbrdrr\brdrs\brd rw10\brsp0 \brdrcf0\clbrdrt\brdrs\brdrw10\brsp0\brdrcf0\clbrdrb\brdrs\brdrw10\brsp0\brdrcf0 \cellx2321\cellx2501\clbrdrl\brdrs\brdrw10\brsp0\brdrcf0\clbrdrr\brdrs\brdrw10\b rsp0\brdrcf0\clbrdrt\brdrs\brdrw10\brsp0\brdrcf0\clbrdrb\brdrs\brdrw10\brsp0\brd rcf0\cellx3682 \clbrdrl\brdrs\brdrw10\brsp0\brdrcf0\clbrdrr\brdrs\brdrw10\brsp0\brdrcf0\clbrdrt \brdrs\brdrw10\brsp0\brdrcf0\clbrdrb\brdrs\brdrw10\brsp0\brdrcf0\cellx4822\cellx 5002\clbrdrl\brdrs\brdrw10\brsp0\brdrcf0\clbrdrr\brdrs\brdrw10\brsp0\brdrcf0\clb rdrt\brdrs \brdrw10\brsp0\brdrcf0\clbrdrb\brdrs\brdrw10\brsp0\brdrcf0\cellx6183\clbrdrl\brd rs\brdrw10\brsp0\brdrcf0\clbrdrr\brdrs\brdrw10\brsp0\brdrcf0\clbrdrt\brdrs\brdrw 10\brsp0\brdrcf0\clbrdrb\brdrs\brdrw10\brsp0\brdrcf0\cellx7323\pard\intbl \s118 \qc {\b\i0\ul0\strike0\v0\expnd0 \expndtw0\outl0\shad0\f3\fs18\cf0\nosupersub Superseded IAS 2 \par }\pard\intbl \s118 \qc {\b\i0\ul0\strike0\v0\expnd0\expndtw0\outl0\shad0\f3 \fs18\cf0\nosupersub paragraph}{\cs135\b\i0\ul0\strike0\v0\expnd0\expndtw0\outl0 \shad0\f3\fs18\cf0\nosupersub \cell \s118 \qc }{\b\i0\ul0\strike0\v0\expnd0\expn dtw0\outl0 \shad0\f3\fs18\cf0\nosupersub Current \par }\pard\intbl \s118 \qc {\b\i0\ul0\strike0\v0\expnd0\expndtw0\outl0\shad0\f3 \fs18\cf0\nosupersub IAS 2 paragraph}{\b\i0\ul0\strike0\v0\expnd0\expndtw0\outl0 \shad0\f3\fs18\cf0\nosupersub \cell \s118 \qc }{\b\i0\ul0\strike0\v0\expnd0\expn dtw0\outl0 \shad0\f3\fs18\cf0\nosupersub \cell \s118 \qc }{\b\i0\ul0\strike0\v0\expnd0\expn dtw0\outl0\shad0\f3\fs18\cf0\nosupersub Superseded IAS 2 paragraph}{\cs135\b\i0\ ul0\strike0\v0\expnd0\expndtw0\outl0\shad0\f3\fs18\cf0\nosupersub \cell \s118 \q c }{\b\i0\ul0 \strike0\v0\expnd0\expndtw0\outl0\shad0\f3\fs18\cf0\nosupersub Current \par }\pard\intbl \s118 \qc {\b\i0\ul0\strike0\v0\expnd0\expndtw0\outl0\shad0\f3 \fs18\cf0\nosupersub IAS 2 paragraph}{\b\i0\ul0\strike0\v0\expnd0\expndtw0\outl0 \shad0\f3\fs18\cf0\nosupersub \cell \s118 \qc }{\b\i0\ul0\strike0\v0\expnd0\expn dtw0\outl0 \shad0\f3\fs18\cf0\nosupersub \cell \s118 \qc }{\b\i0\ul0\strike0\v0\expnd0\expn dtw0\outl0\shad0\f3\fs18\cf0\nosupersub SupersededIAS IAS 2 paragraph}{\cs135\b\ i0\ul0\strike0\v0\expnd0\expndtw0\outl0\shad0\f3\fs18\cf0\nosupersub \cell \s118

\qc }{\b\i0 \ul0\strike0\v0\expnd0\expndtw0\outl0\shad0\f3\fs18\cf0\nosupersub Current \par }\pard\intbl \s118 \qc {\b\i0\ul0\strike0\v0\expnd0\expndtw0\outl0\shad0\f3 \fs18\cf0\nosupersub IAS 2 paragraph}{\b\i0\ul0\strike0\v0\expnd0\expndtw0\outl0 \shad0\f3\fs18\cf0\nosupersub \cell } \row \trowd\trqr\trrh760 \clbrdrl\brdrs\brdrw10\brsp0\brdrcf0\clbrdrr\brdrs\brdr w10\brsp0\brdrcf0\clbrdrt\brdrs\brdrw10\brsp0\brdrcf0\clbrdrb\brdrs\brdrw10\brsp 0\brdrcf0\cellx1181\clbrdrl\brdrs\brdrw10\brsp0\brdrcf0\clbrdrr\brdrs\brdrw10\br sp0\brdrcf0 \clbrdrt\brdrs\brdrw10\brsp0\brdrcf0\clbrdrb\brdrs\brdrw10\brsp0\brdrcf0\cellx23 21\cellx2501\clbrdrl\brdrs\brdrw10\brsp0\brdrcf0\clbrdrr\brdrs\brdrw10\brsp0\brd rcf0\clbrdrt\brdrs\brdrw10\brsp0\brdrcf0\clbrdrb\brdrs\brdrw10\brsp0\brdrcf0\cel lx3682\clbrdrl \brdrs\brdrw10\brsp0\brdrcf0\clbrdrr\brdrs\brdrw10\brsp0\brdrcf0\clbrdrt\brdrs\b rdrw10\brsp0\brdrcf0\clbrdrb\brdrs\brdrw10\brsp0\brdrcf0\cellx4822\cellx5002\clb rdrl\brdrs\brdrw10\brsp0\brdrcf0\clbrdrr\brdrs\brdrw10\brsp0\brdrcf0\clbrdrt\brd rs\brdrw10 \brsp0\brdrcf0\clbrdrb\brdrs\brdrw10\brsp0\brdrcf0\cellx6183\clbrdrl\brdrs\brdrw 10\brsp0\brdrcf0\clbrdrr\brdrs\brdrw10\brsp0\brdrcf0\clbrdrt\brdrs\brdrw10\brsp0 \brdrcf0\clbrdrb\brdrs\brdrw10\brsp0\brdrcf0\cellx7323\pard\intbl \s117 \qc {\b0\i0\ul0\strike0\v0\expnd0\expndtw0\outl0 \shad0\f3\fs18\cf0\nosupersub Objective\cell \s117 \qc }{\b0\i0\ul0\strike0\v0\e xpnd0\expndtw0\outl0\shad0\f3\fs18\cf0\nosupersub 1\cell \s117 \qc }{\b0\i0\ul0\ strike0\v0\expnd0\expndtw0\outl0\shad0\f3\fs18\cf0\nosupersub \cell \s117 \qc }{ \b0\i0\ul0 \strike0\v0\expnd0\expndtw0\outl0\shad0\f3\fs18\cf0\nosupersub 16A\cell \s117 \q c }{\b0\i0\ul0\strike0\v0\expnd0\expndtw0\outl0\shad0\f3\fs18\cf0\nosupersub 20\ cell \s117 \qc }{\b0\i0\ul0\strike0\v0\expnd0\expndtw0\outl0\shad0\f3\fs18\cf0\n osupersub \cell \s117 \qc }{\b0\i0\ul0\strike0\v0\expnd0\expndtw0\outl0\shad0\f3\fs18\cf0\ nosupersub 33\cell \s117 \qc }{\b0\i0\ul0\strike0\v0\expnd0\expndtw0\outl0\shad0 \f3\fs18\cf0\nosupersub 35\cell } \row \trowd\trqr\trrh760 \clbrdrl\brdrs\brdrw10\brsp0\brdrcf0\clbrdrr\brdrs\brdr w10\brsp0\brdrcf0\clbrdrt\brdrs\brdrw10\brsp0\brdrcf0\clbrdrb\brdrs\brdrw10\brsp 0\brdrcf0\cellx1181\clbrdrl\brdrs\brdrw10\brsp0\brdrcf0\clbrdrr\brdrs\brdrw10\br sp0\brdrcf0 \clbrdrt\brdrs\brdrw10\brsp0\brdrcf0\clbrdrb\brdrs\brdrw10\brsp0\brdrcf0\cellx23 21\cellx2501\clbrdrl\brdrs\brdrw10\brsp0\brdrcf0\clbrdrr\brdrs\brdrw10\brsp0\brd rcf0\clbrdrt\brdrs\brdrw10\brsp0\brdrcf0\clbrdrb\brdrs\brdrw10\brsp0\brdrcf0\cel lx3682\clbrdrl \brdrs\brdrw10\brsp0\brdrcf0\clbrdrr\brdrs\brdrw10\brsp0\brdrcf0\clbrdrt\brdrs\b rdrw10\brsp0\brdrcf0\clbrdrb\brdrs\brdrw10\brsp0\brdrcf0\cellx4822\cellx5002\clb rdrl\brdrs\brdrw10\brsp0\brdrcf0\clbrdrr\brdrs\brdrw10\brsp0\brdrcf0\clbrdrt\brd rs\brdrw10 \brsp0\brdrcf0\clbrdrb\brdrs\brdrw10\brsp0\brdrcf0\cellx6183\clbrdrl\brdrs\brdrw 10\brsp0\brdrcf0\clbrdrr\brdrs\brdrw10\brsp0\brdrcf0\clbrdrt\brdrs\brdrw10\brsp0 \brdrcf0\clbrdrb\brdrs\brdrw10\brsp0\brdrcf0\cellx7323\pard\intbl \s117 \qc {\b0\i0\ul0\strike0\v0\expnd0\expndtw0\outl0\shad0 \f3\fs18\cf0\nosupersub 1\cell \s117 \qc }{\b0\i0\ul0\strike0\v0\expnd0\expndtw0 \outl0\shad0\f3\fs18\cf0\nosupersub 2,3\cell \s117 \qc }{\b0\i0\ul0\strike0\v0\e xpnd0\expndtw0\outl0\shad0\f3\fs18\cf0\nosupersub \cell \s117 \qc }{\b0\i0\ul0\s trike0\v0 \expnd0\expndtw0\outl0\shad0\f3\fs18\cf0\nosupersub 17\cell \s117 \qc }{\b0\i0\u l0\strike0\v0\expnd0\expndtw0\outl0\shad0\f3\fs18\cf0\nosupersub 21\cell \s117 \ qc }{\b0\i0\ul0\strike0\v0\expnd0\expndtw0\outl0\shad0\f3\fs18\cf0\nosupersub \c ell \s117 \qc }{\b0\i0\ul0\strike0\v0\expnd0\expndtw0\outl0\shad0\f3\fs18\cf0\nosupersub 34\ce ll \s117 \qc }{\b0\i0\ul0\strike0\v0\expnd0\expndtw0\outl0\shad0\f3\fs18\cf0\nos upersub 36\cell } \row \trowd\trqr\trrh760 \clbrdrl\brdrs\brdrw10\brsp0\brdrcf0\clbrdrr\brdrs\brdr

w10\brsp0\brdrcf0\clbrdrt\brdrs\brdrw10\brsp0\brdrcf0\clbrdrb\brdrs\brdrw10\brsp 0\brdrcf0\cellx1181\clbrdrl\brdrs\brdrw10\brsp0\brdrcf0\clbrdrr\brdrs\brdrw10\br sp0\brdrcf0 \clbrdrt\brdrs\brdrw10\brsp0\brdrcf0\clbrdrb\brdrs\brdrw10\brsp0\brdrcf0\cellx23 21\cellx2501\clbrdrl\brdrs\brdrw10\brsp0\brdrcf0\clbrdrr\brdrs\brdrw10\brsp0\brd rcf0\clbrdrt\brdrs\brdrw10\brsp0\brdrcf0\clbrdrb\brdrs\brdrw10\brsp0\brdrcf0\cel lx3682\clbrdrl \brdrs\brdrw10\brsp0\brdrcf0\clbrdrr\brdrs\brdrw10\brsp0\brdrcf0\clbrdrt\brdrs\b rdrw10\brsp0\brdrcf0\clbrdrb\brdrs\brdrw10\brsp0\brdrcf0\cellx4822\cellx5002\clb rdrl\brdrs\brdrw10\brsp0\brdrcf0\clbrdrr\brdrs\brdrw10\brsp0\brdrcf0\clbrdrt\brd rs\brdrw10 \brsp0\brdrcf0\clbrdrb\brdrs\brdrw10\brsp0\brdrcf0\cellx6183\clbrdrl\brdrs\brdrw 10\brsp0\brdrcf0\clbrdrr\brdrs\brdrw10\brsp0\brdrcf0\clbrdrt\brdrs\brdrw10\brsp0 \brdrcf0\clbrdrb\brdrs\brdrw10\brsp0\brdrcf0\cellx7323\pard\intbl \s117 \qc {\b0\i0\ul0\strike0\v0\expnd0\expndtw0\outl0\shad0\f3\fs18\cf0 \nosupersub 2\cell \s117 \qc }{\b0\i0\ul0\strike0\v0\expnd0\expndtw0\outl0\shad0 \f3\fs18\cf0\nosupersub None\cell \s117 \qc }{\b0\i0\ul0\strike0\v0\expnd0\expnd tw0\outl0\shad0\f3\fs18\cf0\nosupersub \cell \s117 \qc }{\b0\i0\ul0\strike0\v0\e xpnd0\expndtw0 \outl0\shad0\f3\fs18\cf0\nosupersub 18\cell \s117 \qc }{\b0\i0\ul0\strike0\v0\ex pnd0\expndtw0\outl0\shad0\f3\fs18\cf0\nosupersub 22\cell \s117 \qc }{\b0\i0\ul0\ strike0\v0\expnd0\expndtw0\outl0\shad0\f3\fs18\cf0\nosupersub \cell \s117 \qc }{ \b0\i0\ul0 \strike0\v0\expnd0\expndtw0\outl0\shad0\f3\fs18\cf0\nosupersub 35\cell \s117 \qc }{\b0\i0\ul0\strike0\v0\expnd0\expndtw0\outl0\shad0\f3\fs18\cf0\nosupersub 37\c ell } \row \trowd\trqr\trrh760 \clbrdrl\brdrs\brdrw10\brsp0\brdrcf0\clbrdrr\brdrs\brdr w10\brsp0\brdrcf0\clbrdrt\brdrs\brdrw10\brsp0\brdrcf0\clbrdrb\brdrs\brdrw10\brsp 0\brdrcf0\cellx1181\clbrdrl\brdrs\brdrw10\brsp0\brdrcf0\clbrdrr\brdrs\brdrw10\br sp0\brdrcf0 \clbrdrt\brdrs\brdrw10\brsp0\brdrcf0\clbrdrb\brdrs\brdrw10\brsp0\brdrcf0\cellx23 21\cellx2501\clbrdrl\brdrs\brdrw10\brsp0\brdrcf0\clbrdrr\brdrs\brdrw10\brsp0\brd rcf0\clbrdrt\brdrs\brdrw10\brsp0\brdrcf0\clbrdrb\brdrs\brdrw10\brsp0\brdrcf0\cel lx3682\clbrdrl \brdrs\brdrw10\brsp0\brdrcf0\clbrdrr\brdrs\brdrw10\brsp0\brdrcf0\clbrdrt\brdrs\b rdrw10\brsp0\brdrcf0\clbrdrb\brdrs\brdrw10\brsp0\brdrcf0\cellx4822\cellx5002\clb rdrl\brdrs\brdrw10\brsp0\brdrcf0\clbrdrr\brdrs\brdrw10\brsp0\brdrcf0\clbrdrt\brd rs\brdrw10 \brsp0\brdrcf0\clbrdrb\brdrs\brdrw10\brsp0\brdrcf0\cellx6183\clbrdrl\brdrs\brdrw 10\brsp0\brdrcf0\clbrdrr\brdrs\brdrw10\brsp0\brdrcf0\clbrdrt\brdrs\brdrw10\brsp0 \brdrcf0\clbrdrb\brdrs\brdrw10\brsp0\brdrcf0\cellx7323\pard\intbl \s117 \qc {\b0\i0\ul0\strike0\v0\expnd0\expndtw0\outl0\shad0\f3\fs18\cf0\nosuper sub 3 \cell \s117 \qc }{\b0\i0\ul0\strike0\v0\expnd0\expndtw0\outl0\shad0\f3\fs18\cf0\ nosupersub 4\cell \s117 \qc }{\b0\i0\ul0\strike0\v0\expnd0\expndtw0\outl0\shad0\ f3\fs18\cf0\nosupersub \cell \s117 \qc }{\b0\i0\ul0\strike0\v0\expnd0\expndtw0\o utl0\shad0\f3 \fs18\cf0\nosupersub 19\cell \s117 \qc }{\b0\i0\ul0\strike0\v0\expnd0\expndtw0\o utl0\shad0\f3\fs18\cf0\nosupersub 23\cell \s117 \qc }{\b0\i0\ul0\strike0\v0\expn d0\expndtw0\outl0\shad0\f3\fs18\cf0\nosupersub \cell \s117 \qc }{\b0\i0\ul0\stri ke0\v0\expnd0 \expndtw0\outl0\shad0\f3\fs18\cf0\nosupersub 36\cell \s117 \qc }{\b0\i0\ul0\stri ke0\v0\expnd0\expndtw0\outl0\shad0\f3\fs18\cf0\nosupersub None\cell } \row \trowd\trqr\trrh760 \clbrdrl\brdrs\brdrw10\brsp0\brdrcf0\clbrdrr\brdrs\brdr w10\brsp0\brdrcf0\clbrdrt\brdrs\brdrw10\brsp0\brdrcf0\clbrdrb\brdrs\brdrw10\brsp 0\brdrcf0\cellx1181\clbrdrl\brdrs\brdrw10\brsp0\brdrcf0\clbrdrr\brdrs\brdrw10\br sp0\brdrcf0 \clbrdrt\brdrs\brdrw10\brsp0\brdrcf0\clbrdrb\brdrs\brdrw10\brsp0\brdrcf0\cellx23 21\cellx2501\clbrdrl\brdrs\brdrw10\brsp0\brdrcf0\clbrdrr\brdrs\brdrw10\brsp0\brd rcf0\clbrdrt\brdrs\brdrw10\brsp0\brdrcf0\clbrdrb\brdrs\brdrw10\brsp0\brdrcf0\cel

lx3682\clbrdrl \brdrs\brdrw10\brsp0\brdrcf0\clbrdrr\brdrs\brdrw10\brsp0\brdrcf0\clbrdrt\brdrs\b rdrw10\brsp0\brdrcf0\clbrdrb\brdrs\brdrw10\brsp0\brdrcf0\cellx4822\cellx5002\clb rdrl\brdrs\brdrw10\brsp0\brdrcf0\clbrdrr\brdrs\brdrw10\brsp0\brdrcf0\clbrdrt\brd rs\brdrw10 \brsp0\brdrcf0\clbrdrb\brdrs\brdrw10\brsp0\brdrcf0\cellx6183\clbrdrl\brdrs\brdrw 10\brsp0\brdrcf0\clbrdrr\brdrs\brdrw10\brsp0\brdrcf0\clbrdrt\brdrs\brdrw10\brsp0 \brdrcf0\clbrdrb\brdrs\brdrw10\brsp0\brdrcf0\cellx7323\pard\intbl \s117 \qc {\b0\i0\ul0\strike0\v0\expnd0\expndtw0\outl0\shad0\f3\fs18\cf0\nosuper sub 4\cell \s117 \qc }{ \b0\i0\ul0\strike0\v0\expnd0\expndtw0\outl0\shad0\f3\fs18\cf0\nosupersub 6\cell \s117 \qc }{\b0\i0\ul0\strike0\v0\expnd0\expndtw0\outl0\shad0\f3\fs18\cf0\nosupe rsub \cell \s117 \qc }{\b0\i0\ul0\strike0\v0\expnd0\expndtw0\outl0\shad0\f3\fs18 \cf0 \nosupersub 20\cell \s117 \qc }{\b0\i0\ul0\strike0\v0\expnd0\expndtw0\outl0\shad 0\f3\fs18\cf0\nosupersub 24\cell \s117 \qc }{\b0\i0\ul0\strike0\v0\expnd0\expndt w0\outl0\shad0\f3\fs18\cf0\nosupersub \cell \s117 \qc }{\b0\i0\ul0\strike0\v0\ex pnd0\expndtw0 \outl0\shad0\f3\fs18\cf0\nosupersub 37\cell \s117 \qc }{\b0\i0\ul0\strike0\v0\ex pnd0\expndtw0\outl0\shad0\f3\fs18\cf0\nosupersub 36\cell } \row \trowd\trqr\trrh760 \clbrdrl\brdrs\brdrw10\brsp0\brdrcf0\clbrdrr\brdrs\brdr w10\brsp0\brdrcf0\clbrdrt\brdrs\brdrw10\brsp0\brdrcf0\clbrdrb\brdrs\brdrw10\brsp 0\brdrcf0\cellx1181\clbrdrl\brdrs\brdrw10\brsp0\brdrcf0\clbrdrr\brdrs\brdrw10\br sp0\brdrcf0 \clbrdrt\brdrs\brdrw10\brsp0\brdrcf0\clbrdrb\brdrs\brdrw10\brsp0\brdrcf0\cellx23 21\cellx2501\clbrdrl\brdrs\brdrw10\brsp0\brdrcf0\clbrdrr\brdrs\brdrw10\brsp0\brd rcf0\clbrdrt\brdrs\brdrw10\brsp0\brdrcf0\clbrdrb\brdrs\brdrw10\brsp0\brdrcf0\cel lx3682\clbrdrl \brdrs\brdrw10\brsp0\brdrcf0\clbrdrr\brdrs\brdrw10\brsp0\brdrcf0\clbrdrt\brdrs\b rdrw10\brsp0\brdrcf0\clbrdrb\brdrs\brdrw10\brsp0\brdrcf0\cellx4822\cellx5002\clb rdrl\brdrs\brdrw10\brsp0\brdrcf0\clbrdrr\brdrs\brdrw10\brsp0\brdrcf0\clbrdrt\brd rs\brdrw10 \brsp0\brdrcf0\clbrdrb\brdrs\brdrw10\brsp0\brdrcf0\cellx6183\clbrdrl\brdrs\brdrw 10\brsp0\brdrcf0\clbrdrr\brdrs\brdrw10\brsp0\brdrcf0\clbrdrt\brdrs\brdrw10\brsp0 \brdrcf0\clbrdrb\brdrs\brdrw10\brsp0\brdrcf0\cellx7323\pard\intbl \s117 \qc {\b0\i0\ul0\strike0\v0\expnd0\expndtw0\outl0\shad0\f3\fs18\cf0\nosuper sub 5\cell \s117 \qc }{\b0\i0\ul0 \strike0\v0\expnd0\expndtw0\outl0\shad0\f3\fs18\cf0\nosupersub 8\cell \s117 \qc }{\b0\i0\ul0\strike0\v0\expnd0\expndtw0\outl0\shad0\f3\fs18\cf0\nosupersub \cell \s117 \qc }{\b0\i0\ul0\strike0\v0\expnd0\expndtw0\outl0\shad0\f3\fs18\cf0\nosup ersub 21\cell \s117 \qc }{\b0\i0\ul0\strike0\v0\expnd0\expndtw0\outl0\shad0\f3\fs18\cf0\nosupe rsub 25\cell \s117 \qc }{\b0\i0\ul0\strike0\v0\expnd0\expndtw0\outl0\shad0\f3\fs 18\cf0\nosupersub \cell \s117 \qc }{\b0\i0\ul0\strike0\v0\expnd0\expndtw0\outl0\ shad0\f3\fs18 \cf0\nosupersub 38\cell \s117 \qc }{\b0\i0\ul0\strike0\v0\expnd0\expndtw0\outl0\ shad0\f3\fs18\cf0\nosupersub 38\cell } \row \trowd\trqr\trrh760 \clbrdrl\brdrs\brdrw10\brsp0\brdrcf0\clbrdrr\brdrs\brdr w10\brsp0\brdrcf0\clbrdrt\brdrs\brdrw10\brsp0\brdrcf0\clbrdrb\brdrs\brdrw10\brsp 0\brdrcf0\cellx1181\clbrdrl\brdrs\brdrw10\brsp0\brdrcf0\clbrdrr\brdrs\brdrw10\br sp0\brdrcf0 \clbrdrt\brdrs\brdrw10\brsp0\brdrcf0\clbrdrb\brdrs\brdrw10\brsp0\brdrcf0\cellx23 21\cellx2501\clbrdrl\brdrs\brdrw10\brsp0\brdrcf0\clbrdrr\brdrs\brdrw10\brsp0\brd rcf0\clbrdrt\brdrs\brdrw10\brsp0\brdrcf0\clbrdrb\brdrs\brdrw10\brsp0\brdrcf0\cel lx3682\clbrdrl \brdrs\brdrw10\brsp0\brdrcf0\clbrdrr\brdrs\brdrw10\brsp0\brdrcf0\clbrdrt\brdrs\b rdrw10\brsp0\brdrcf0\clbrdrb\brdrs\brdrw10\brsp0\brdrcf0\cellx4822\cellx5002\clb rdrl\brdrs\brdrw10\brsp0\brdrcf0\clbrdrr\brdrs\brdrw10\brsp0\brdrcf0\clbrdrt\brd rs\brdrw10 \brsp0\brdrcf0\clbrdrb\brdrs\brdrw10\brsp0\brdrcf0\cellx6183\clbrdrl\brdrs\brdrw

10\brsp0\brdrcf0\clbrdrr\brdrs\brdrw10\brsp0\brdrcf0\clbrdrt\brdrs\brdrw10\brsp0 \brdrcf0\clbrdrb\brdrs\brdrw10\brsp0\brdrcf0\cellx7323\pard\intbl \s117 \qc {\b0\i0\ul0\strike0\v0\expnd0\expndtw0\outl0\shad0\f3\fs18\cf0\nosuper sub 6\cell \s117 \qc }{\b0\i0\ul0\strike0\v0\expnd0 \expndtw0\outl0\shad0\f3\fs18\cf0\nosupersub 9\cell \s117 \qc }{\b0\i0\ul0\strik e0\v0\expnd0\expndtw0\outl0\shad0\f3\fs18\cf0\nosupersub \cell \s117 \qc }{\b0\i 0\ul0\strike0\v0\expnd0\expndtw0\outl0\shad0\f3\fs18\cf0\nosupersub 22\cell \s11 7 \qc }{\b0\i0 \ul0\strike0\v0\expnd0\expndtw0\outl0\shad0\f3\fs18\cf0\nosupersub 27\cell \s117 \qc }{\b0\i0\ul0\strike0\v0\expnd0\expndtw0\outl0\shad0\f3\fs18\cf0\nosupersub \cell \s117 \qc }{\b0\i0\ul0\strike0\v0\expnd0\expndtw0\outl0\shad0\f3\fs18\cf0\ nosupersub 39 \cell \s117 \qc }{\b0\i0\ul0\strike0\v0\expnd0\expndtw0\outl0\shad0\f3\fs18\cf0\ nosupersub 39\cell } \row \trowd\trqr\trrh760 \clbrdrl\brdrs\brdrw10\brsp0\brdrcf0\clbrdrr\brdrs\brdr w10\brsp0\brdrcf0\clbrdrt\brdrs\brdrw10\brsp0\brdrcf0\clbrdrb\brdrs\brdrw10\brsp 0\brdrcf0\cellx1181\clbrdrl\brdrs\brdrw10\brsp0\brdrcf0\clbrdrr\brdrs\brdrw10\br sp0\brdrcf0 \clbrdrt\brdrs\brdrw10\brsp0\brdrcf0\clbrdrb\brdrs\brdrw10\brsp0\brdrcf0\cellx23 21\cellx2501\clbrdrl\brdrs\brdrw10\brsp0\brdrcf0\clbrdrr\brdrs\brdrw10\brsp0\brd rcf0\clbrdrt\brdrs\brdrw10\brsp0\brdrcf0\clbrdrb\brdrs\brdrw10\brsp0\brdrcf0\cel lx3682\clbrdrl \brdrs\brdrw10\brsp0\brdrcf0\clbrdrr\brdrs\brdrw10\brsp0\brdrcf0\clbrdrt\brdrs\b rdrw10\brsp0\brdrcf0\clbrdrb\brdrs\brdrw10\brsp0\brdrcf0\cellx4822\cellx5002\clb rdrl\brdrs\brdrw10\brsp0\brdrcf0\clbrdrr\brdrs\brdrw10\brsp0\brdrcf0\clbrdrt\brd rs\brdrw10 \brsp0\brdrcf0\clbrdrb\brdrs\brdrw10\brsp0\brdrcf0\cellx6183\clbrdrl\brdrs\brdrw 10\brsp0\brdrcf0\clbrdrr\brdrs\brdrw10\brsp0\brdrcf0\clbrdrt\brdrs\brdrw10\brsp0 \brdrcf0\clbrdrb\brdrs\brdrw10\brsp0\brdrcf0\cellx7323\pard\intbl \s117 \qc {\b0\i0\ul0\strike0\v0\expnd0\expndtw0\outl0\shad0\f3\fs18\cf0\nosuper sub 7\cell \s117 \qc }{\b0\i0\ul0\strike0\v0\expnd0\expndtw0\outl0\shad0 \f3\fs18\cf0\nosupersub 10\cell \s117 \qc }{\b0\i0\ul0\strike0\v0\expnd0\expndtw 0\outl0\shad0\f3\fs18\cf0\nosupersub \cell \s117 \qc }{\b0\i0\ul0\strike0\v0\exp nd0\expndtw0\outl0\shad0\f3\fs18\cf0\nosupersub 23\cell \s117 \qc }{\b0\i0\ul0\s trike0\v0 \expnd0\expndtw0\outl0\shad0\f3\fs18\cf0\nosupersub None\cell \s117 \qc }{\b0\i0 \ul0\strike0\v0\expnd0\expndtw0\outl0\shad0\f3\fs18\cf0\nosupersub \cell \s117 \ qc }{\b0\i0\ul0\strike0\v0\expnd0\expndtw0\outl0\shad0\f3\fs18\cf0\nosupersub 40 \cell \s117 \qc }{\b0\i0\ul0\strike0\v0\expnd0\expndtw0\outl0\shad0\f3\fs18\cf0\nosupersub N one\cell } \row \trowd\trqr\trrh760 \clbrdrl\brdrs\brdrw10\brsp0\brdrcf0\clbrdrr\brdrs\brdr w10\brsp0\brdrcf0\clbrdrt\brdrs\brdrw10\brsp0\brdrcf0\clbrdrb\brdrs\brdrw10\brsp 0\brdrcf0\cellx1181\clbrdrl\brdrs\brdrw10\brsp0\brdrcf0\clbrdrr\brdrs\brdrw10\br sp0\brdrcf0 \clbrdrt\brdrs\brdrw10\brsp0\brdrcf0\clbrdrb\brdrs\brdrw10\brsp0\brdrcf0\cellx23 21\cellx2501\clbrdrl\brdrs\brdrw10\brsp0\brdrcf0\clbrdrr\brdrs\brdrw10\brsp0\brd rcf0\clbrdrt\brdrs\brdrw10\brsp0\brdrcf0\clbrdrb\brdrs\brdrw10\brsp0\brdrcf0\cel lx3682\clbrdrl \brdrs\brdrw10\brsp0\brdrcf0\clbrdrr\brdrs\brdrw10\brsp0\brdrcf0\clbrdrt\brdrs\b rdrw10\brsp0\brdrcf0\clbrdrb\brdrs\brdrw10\brsp0\brdrcf0\cellx4822\cellx5002\clb rdrl\brdrs\brdrw10\brsp0\brdrcf0\clbrdrr\brdrs\brdrw10\brsp0\brdrcf0\clbrdrt\brd rs\brdrw10 \brsp0\brdrcf0\clbrdrb\brdrs\brdrw10\brsp0\brdrcf0\cellx6183\clbrdrl\brdrs\brdrw 10\brsp0\brdrcf0\clbrdrr\brdrs\brdrw10\brsp0\brdrcf0\clbrdrt\brdrs\brdrw10\brsp0 \brdrcf0\clbrdrb\brdrs\brdrw10\brsp0\brdrcf0\cellx7323\pard\intbl \s117 \qc {\b0\i0\ul0\strike0\v0\expnd0\expndtw0\outl0\shad0\f3\fs18\cf0\nosuper sub 8\cell \s117 \qc }{\b0\i0\ul0\strike0\v0\expnd0\expndtw0\outl0\shad0\f3\fs18 \cf0 \nosupersub 11\cell \s117 \qc }{\b0\i0\ul0\strike0\v0\expnd0\expndtw0\outl0\shad

0\f3\fs18\cf0\nosupersub \cell \s117 \qc }{\b0\i0\ul0\strike0\v0\expnd0\expndtw0 \outl0\shad0\f3\fs18\cf0\nosupersub 24\cell \s117 \qc }{\b0\i0\ul0\strike0\v0\ex pnd0\expndtw0 \outl0\shad0\f3\fs18\cf0\nosupersub None\cell \s117 \qc }{\b0\i0\ul0\strike0\v0\ expnd0\expndtw0\outl0\shad0\f3\fs18\cf0\nosupersub \cell \s117 \qc }{\b0\i0\ul0\ strike0\v0\expnd0\expndtw0\outl0\shad0\f3\fs18\cf0\nosupersub 41\cell \s117 \qc }{\b0\i0\ul0 \strike0\v0\expnd0\expndtw0\outl0\shad0\f3\fs18\cf0\nosupersub 40\cell } \row \trowd\trqr\trrh760 \clbrdrl\brdrs\brdrw10\brsp0\brdrcf0\clbrdrr\brdrs\brdr w10\brsp0\brdrcf0\clbrdrt\brdrs\brdrw10\brsp0\brdrcf0\clbrdrb\brdrs\brdrw10\brsp 0\brdrcf0\cellx1181\clbrdrl\brdrs\brdrw10\brsp0\brdrcf0\clbrdrr\brdrs\brdrw10\br sp0\brdrcf0 \clbrdrt\brdrs\brdrw10\brsp0\brdrcf0\clbrdrb\brdrs\brdrw10\brsp0\brdrcf0\cellx23 21\cellx2501\clbrdrl\brdrs\brdrw10\brsp0\brdrcf0\clbrdrr\brdrs\brdrw10\brsp0\brd rcf0\clbrdrt\brdrs\brdrw10\brsp0\brdrcf0\clbrdrb\brdrs\brdrw10\brsp0\brdrcf0\cel lx3682\clbrdrl \brdrs\brdrw10\brsp0\brdrcf0\clbrdrr\brdrs\brdrw10\brsp0\brdrcf0\clbrdrt\brdrs\b rdrw10\brsp0\brdrcf0\clbrdrb\brdrs\brdrw10\brsp0\brdrcf0\cellx4822\cellx5002\clb rdrl\brdrs\brdrw10\brsp0\brdrcf0\clbrdrr\brdrs\brdrw10\brsp0\brdrcf0\clbrdrt\brd rs\brdrw10 \brsp0\brdrcf0\clbrdrb\brdrs\brdrw10\brsp0\brdrcf0\cellx6183\clbrdrl\brdrs\brdrw 10\brsp0\brdrcf0\clbrdrr\brdrs\brdrw10\brsp0\brdrcf0\clbrdrt\brdrs\brdrw10\brsp0 \brdrcf0\clbrdrb\brdrs\brdrw10\brsp0\brdrcf0\cellx7323\pard\intbl \s117 \qc {\b0\i0\ul0\strike0\v0\expnd0\expndtw0\outl0\shad0\f3\fs18\cf0\nosuper sub 9\cell \s117 \qc }{\b0\i0\ul0\strike0\v0\expnd0\expndtw0\outl0\shad0\f3\fs18 \cf0\nosupersub None \cell \s117 \qc }{\b0\i0\ul0\strike0\v0\expnd0\expndtw0\outl0\shad0\f3\fs18\cf0\ nosupersub \cell \s117 \qc }{\b0\i0\ul0\strike0\v0\expnd0\expndtw0\outl0\shad0\f 3\fs18\cf0\nosupersub 25\cell \s117 \qc }{\b0\i0\ul0\strike0\v0\expnd0\expndtw0\ outl0\shad0\f3 \fs18\cf0\nosupersub 28\cell \s117 \qc }{\b0\i0\ul0\strike0\v0\expnd0\expndtw0\o utl0\shad0\f3\fs18\cf0\nosupersub \cell \s117 \qc }{\b0\i0\ul0\strike0\v0\expnd0 \expndtw0\outl0\shad0\f3\fs18\cf0\nosupersub None\cell \s117 \qc }{\b0\i0\ul0\st rike0\v0 \expnd0\expndtw0\outl0\shad0\f3\fs18\cf0\nosupersub 3\cell } \row \trowd\trqr\trrh760 \clbrdrl\brdrs\brdrw10\brsp0\brdrcf0\clbrdrr\brdrs\brdr w10\brsp0\brdrcf0\clbrdrt\brdrs\brdrw10\brsp0\brdrcf0\clbrdrb\brdrs\brdrw10\brsp 0\brdrcf0\cellx1181\clbrdrl\brdrs\brdrw10\brsp0\brdrcf0\clbrdrr\brdrs\brdrw10\br sp0\brdrcf0 \clbrdrt\brdrs\brdrw10\brsp0\brdrcf0\clbrdrb\brdrs\brdrw10\brsp0\brdrcf0\cellx23 21\cellx2501\clbrdrl\brdrs\brdrw10\brsp0\brdrcf0\clbrdrr\brdrs\brdrw10\brsp0\brd rcf0\clbrdrt\brdrs\brdrw10\brsp0\brdrcf0\clbrdrb\brdrs\brdrw10\brsp0\brdrcf0\cel lx3682\clbrdrl \brdrs\brdrw10\brsp0\brdrcf0\clbrdrr\brdrs\brdrw10\brsp0\brdrcf0\clbrdrt\brdrs\b rdrw10\brsp0\brdrcf0\clbrdrb\brdrs\brdrw10\brsp0\brdrcf0\cellx4822\cellx5002\clb rdrl\brdrs\brdrw10\brsp0\brdrcf0\clbrdrr\brdrs\brdrw10\brsp0\brdrcf0\clbrdrt\brd rs\brdrw10 \brsp0\brdrcf0\clbrdrb\brdrs\brdrw10\brsp0\brdrcf0\cellx6183\clbrdrl\brdrs\brdrw 10\brsp0\brdrcf0\clbrdrr\brdrs\brdrw10\brsp0\brdrcf0\clbrdrt\brdrs\brdrw10\brsp0 \brdrcf0\clbrdrb\brdrs\brdrw10\brsp0\brdrcf0\cellx7323\pard\intbl \s117 \qc {\b0\i0\ul0\strike0\v0\expnd0\expndtw0\outl0\shad0\f3\fs18\cf0\nosuper sub 10\cell \s117 \qc }{\b0\i0\ul0\strike0\v0\expnd0\expndtw0\outl0\shad0\f3\fs1 8\cf0\nosupersub 12\cell \s117 \qc }{\b0\i0\ul0\strike0\v0\expnd0\expndtw0\outl0\shad0\f3\fs18\cf0\nosupersub \cell \s117 \qc }{\b0\i0\ul0\strike0\v0\expnd0\expndtw0\outl0\shad0\f3\fs18\cf0\nosup ersub 26\cell \s117 \qc }{\b0\i0\ul0\strike0\v0\expnd0\expndtw0\outl0\shad0\f3\f s18\cf0 \nosupersub 29\cell \s117 \qc }{\b0\i0\ul0\strike0\v0\expnd0\expndtw0\outl0\shad 0\f3\fs18\cf0\nosupersub \cell \s117 \qc }{\b0\i0\ul0\strike0\v0\expnd0\expndtw0 \outl0\shad0\f3\fs18\cf0\nosupersub None\cell \s117 \qc }{\b0\i0\ul0\strike0\v0\

expnd0 \expndtw0\outl0\shad0\f3\fs18\cf0\nosupersub 5\cell } \row \trowd\trqr\trrh760 \clbrdrl\brdrs\brdrw10\brsp0\brdrcf0\clbrdrr\brdrs\brdr w10\brsp0\brdrcf0\clbrdrt\brdrs\brdrw10\brsp0\brdrcf0\clbrdrb\brdrs\brdrw10\brsp 0\brdrcf0\cellx1181\clbrdrl\brdrs\brdrw10\brsp0\brdrcf0\clbrdrr\brdrs\brdrw10\br sp0\brdrcf0 \clbrdrt\brdrs\brdrw10\brsp0\brdrcf0\clbrdrb\brdrs\brdrw10\brsp0\brdrcf0\cellx23 21\cellx2501\clbrdrl\brdrs\brdrw10\brsp0\brdrcf0\clbrdrr\brdrs\brdrw10\brsp0\brd rcf0\clbrdrt\brdrs\brdrw10\brsp0\brdrcf0\clbrdrb\brdrs\brdrw10\brsp0\brdrcf0\cel lx3682\clbrdrl \brdrs\brdrw10\brsp0\brdrcf0\clbrdrr\brdrs\brdrw10\brsp0\brdrcf0\clbrdrt\brdrs\b rdrw10\brsp0\brdrcf0\clbrdrb\brdrs\brdrw10\brsp0\brdrcf0\cellx4822\cellx5002\clb rdrl\brdrs\brdrw10\brsp0\brdrcf0\clbrdrr\brdrs\brdrw10\brsp0\brdrcf0\clbrdrt\brd rs\brdrw10 \brsp0\brdrcf0\clbrdrb\brdrs\brdrw10\brsp0\brdrcf0\cellx6183\clbrdrl\brdrs\brdrw 10\brsp0\brdrcf0\clbrdrr\brdrs\brdrw10\brsp0\brdrcf0\clbrdrt\brdrs\brdrw10\brsp0 \brdrcf0\clbrdrb\brdrs\brdrw10\brsp0\brdrcf0\cellx7323\pard\intbl \s117 \qc {\b0\i0\ul0\strike0\v0\expnd0\expndtw0\outl0\shad0\f3\fs18\cf0\nosuper sub 11\cell \s117 \qc }{\b0\i0\ul0\strike0\v0\expnd0\expndtw0\outl0\shad0\f3\fs1 8\cf0\nosupersub 13\cell \s117 \qc }{\b0 \i0\ul0\strike0\v0\expnd0\expndtw0\outl0\shad0\f3\fs18\cf0\nosupersub \cell \s11 7 \qc }{\b0\i0\ul0\strike0\v0\expnd0\expndtw0\outl0\shad0\f3\fs18\cf0\nosupersub 27\cell \s117 \qc }{\b0\i0\ul0\strike0\v0\expnd0\expndtw0\outl0\shad0\f3\fs18\c f0\nosupersub 30\cell \s117 \qc }{\b0\i0\ul0\strike0\v0\expnd0\expndtw0\outl0\shad0\f3\fs18\cf 0\nosupersub \cell \s117 \qc }{\b0\i0\ul0\strike0\v0\expnd0\expndtw0\outl0\shad0 \f3\fs18\cf0\nosupersub None\cell \s117 \qc }{\b0\i0\ul0\strike0\v0\expnd0\expnd tw0\outl0 \shad0\f3\fs18\cf0\nosupersub 7\cell } \row \trowd\trqr\trrh760 \clbrdrl\brdrs\brdrw10\brsp0\brdrcf0\clbrdrr\brdrs\brdr w10\brsp0\brdrcf0\clbrdrt\brdrs\brdrw10\brsp0\brdrcf0\clbrdrb\brdrs\brdrw10\brsp 0\brdrcf0\cellx1181\clbrdrl\brdrs\brdrw10\brsp0\brdrcf0\clbrdrr\brdrs\brdrw10\br sp0\brdrcf0 \clbrdrt\brdrs\brdrw10\brsp0\brdrcf0\clbrdrb\brdrs\brdrw10\brsp0\brdrcf0\cellx23 21\cellx2501\clbrdrl\brdrs\brdrw10\brsp0\brdrcf0\clbrdrr\brdrs\brdrw10\brsp0\brd rcf0\clbrdrt\brdrs\brdrw10\brsp0\brdrcf0\clbrdrb\brdrs\brdrw10\brsp0\brdrcf0\cel lx3682\clbrdrl \brdrs\brdrw10\brsp0\brdrcf0\clbrdrr\brdrs\brdrw10\brsp0\brdrcf0\clbrdrt\brdrs\b rdrw10\brsp0\brdrcf0\clbrdrb\brdrs\brdrw10\brsp0\brdrcf0\cellx4822\cellx5002\clb rdrl\brdrs\brdrw10\brsp0\brdrcf0\clbrdrr\brdrs\brdrw10\brsp0\brdrcf0\clbrdrt\brd rs\brdrw10 \brsp0\brdrcf0\clbrdrb\brdrs\brdrw10\brsp0\brdrcf0\cellx6183\clbrdrl\brdrs\brdrw 10\brsp0\brdrcf0\clbrdrr\brdrs\brdrw10\brsp0\brdrcf0\clbrdrt\brdrs\brdrw10\brsp0 \brdrcf0\clbrdrb\brdrs\brdrw10\brsp0\brdrcf0\cellx7323\pard\intbl \s117 \qc {\b0\i0\ul0\strike0\v0\expnd0\expndtw0\outl0\shad0\f3\fs18\cf0\nosuper sub 12\cell \s117 \qc }{\b0\i0\ul0\strike0\v0\expnd0\expndtw0\outl0\shad0\f3\fs1 8\cf0\nosupersub 14\cell \s117 \qc }{\b0\i0\ul0\strike0 \v0\expnd0\expndtw0\outl0\shad0\f3\fs18\cf0\nosupersub \cell \s117 \qc }{\b0\i0\ ul0\strike0\v0\expnd0\expndtw0\outl0\shad0\f3\fs18\cf0\nosupersub 28\cell \s117 \qc }{\b0\i0\ul0\strike0\v0\expnd0\expndtw0\outl0\shad0\f3\fs18\cf0\nosupersub 3 1\cell \s117 \qc }{\b0\i0\ul0\strike0\v0\expnd0\expndtw0\outl0\shad0\f3\fs18\cf0\nosupersub \ cell \s117 \qc }{\b0\i0\ul0\strike0\v0\expnd0\expndtw0\outl0\shad0\f3\fs18\cf0\n osupersub None\cell \s117 \qc }{\b0\i0\ul0\strike0\v0\expnd0\expndtw0\outl0\shad 0\f3\fs18\cf0 \nosupersub 18\cell } \row \trowd\trqr\trrh760 \clbrdrl\brdrs\brdrw10\brsp0\brdrcf0\clbrdrr\brdrs\brdr w10\brsp0\brdrcf0\clbrdrt\brdrs\brdrw10\brsp0\brdrcf0\clbrdrb\brdrs\brdrw10\brsp 0\brdrcf0\cellx1181\clbrdrl\brdrs\brdrw10\brsp0\brdrcf0\clbrdrr\brdrs\brdrw10\br sp0\brdrcf0

\clbrdrt\brdrs\brdrw10\brsp0\brdrcf0\clbrdrb\brdrs\brdrw10\brsp0\brdrcf0\cellx23 21\cellx2501\clbrdrl\brdrs\brdrw10\brsp0\brdrcf0\clbrdrr\brdrs\brdrw10\brsp0\brd rcf0\clbrdrt\brdrs\brdrw10\brsp0\brdrcf0\clbrdrb\brdrs\brdrw10\brsp0\brdrcf0\cel lx3682\clbrdrl \brdrs\brdrw10\brsp0\brdrcf0\clbrdrr\brdrs\brdrw10\brsp0\brdrcf0\clbrdrt\brdrs\b rdrw10\brsp0\brdrcf0\clbrdrb\brdrs\brdrw10\brsp0\brdrcf0\cellx4822\cellx5002\clb rdrl\brdrs\brdrw10\brsp0\brdrcf0\clbrdrr\brdrs\brdrw10\brsp0\brdrcf0\clbrdrt\brd rs\brdrw10 \brsp0\brdrcf0\clbrdrb\brdrs\brdrw10\brsp0\brdrcf0\cellx6183\clbrdrl\brdrs\brdrw 10\brsp0\brdrcf0\clbrdrr\brdrs\brdrw10\brsp0\brdrcf0\clbrdrt\brdrs\brdrw10\brsp0 \brdrcf0\clbrdrb\brdrs\brdrw10\brsp0\brdrcf0\cellx7323\pard\intbl \s117 \qc {\b0\i0\ul0\strike0\v0\expnd0\expndtw0\outl0\shad0\f3\fs18\cf0\nosuper sub 13\cell \s117 \qc }{\b0\i0\ul0\strike0\v0\expnd0\expndtw0\outl0\shad0\f3\fs1 8\cf0\nosupersub 15\cell \s117 \qc }{\b0\i0\ul0\strike0\v0\expnd0 \expndtw0\outl0\shad0\f3\fs18\cf0\nosupersub \cell \s117 \qc }{\b0\i0\ul0\strike 0\v0\expnd0\expndtw0\outl0\shad0\f3\fs18\cf0\nosupersub 29\cell \s117 \qc }{\b0\ i0\ul0\strike0\v0\expnd0\expndtw0\outl0\shad0\f3\fs18\cf0\nosupersub 32\cell \s1 17 \qc }{\b0 \i0\ul0\strike0\v0\expnd0\expndtw0\outl0\shad0\f3\fs18\cf0\nosupersub \cell \s11 7 \qc }{\b0\i0\ul0\strike0\v0\expnd0\expndtw0\outl0\shad0\f3\fs18\cf0\nosupersub None\cell \s117 \qc }{\b0\i0\ul0\strike0\v0\expnd0\expndtw0\outl0\shad0\f3\fs18 \cf0 \nosupersub 41\cell } \row \trowd\trqr\trrh760 \clbrdrl\brdrs\brdrw10\brsp0\brdrcf0\clbrdrr\brdrs\brdr w10\brsp0\brdrcf0\clbrdrt\brdrs\brdrw10\brsp0\brdrcf0\clbrdrb\brdrs\brdrw10\brsp 0\brdrcf0\cellx1181\clbrdrl\brdrs\brdrw10\brsp0\brdrcf0\clbrdrr\brdrs\brdrw10\br sp0\brdrcf0 \clbrdrt\brdrs\brdrw10\brsp0\brdrcf0\clbrdrb\brdrs\brdrw10\brsp0\brdrcf0\cellx23 21\cellx2501\clbrdrl\brdrs\brdrw10\brsp0\brdrcf0\clbrdrr\brdrs\brdrw10\brsp0\brd rcf0\clbrdrt\brdrs\brdrw10\brsp0\brdrcf0\clbrdrb\brdrs\brdrw10\brsp0\brdrcf0\cel lx3682\clbrdrl \brdrs\brdrw10\brsp0\brdrcf0\clbrdrr\brdrs\brdrw10\brsp0\brdrcf0\clbrdrt\brdrs\b rdrw10\brsp0\brdrcf0\clbrdrb\brdrs\brdrw10\brsp0\brdrcf0\cellx4822\cellx5002\clb rdrl\brdrs\brdrw10\brsp0\brdrcf0\clbrdrr\brdrs\brdrw10\brsp0\brdrcf0\clbrdrt\brd rs\brdrw10 \brsp0\brdrcf0\clbrdrb\brdrs\brdrw10\brsp0\brdrcf0\cellx6183\clbrdrl\brdrs\brdrw 10\brsp0\brdrcf0\clbrdrr\brdrs\brdrw10\brsp0\brdrcf0\clbrdrt\brdrs\brdrw10\brsp0 \brdrcf0\clbrdrb\brdrs\brdrw10\brsp0\brdrcf0\cellx7323\pard\intbl \s117 \qc {\b0\i0\ul0\strike0\v0\expnd0\expndtw0\outl0\shad0\f3\fs18\cf0\nosuper sub 14\cell \s117 \qc }{\b0\i0\ul0\strike0\v0\expnd0\expndtw0\outl0\shad0\f3\fs1 8\cf0\nosupersub 16\cell \s117 \qc }{\b0\i0\ul0\strike0\v0\expnd0 \expndtw0\outl0\shad0\f3\fs18\cf0\nosupersub \cell \s117 \qc }{\b0\i0\ul0\strike 0\v0\expnd0\expndtw0\outl0\shad0\f3\fs18\cf0\nosupersub 30\cell \s117 \qc }{\b0\ i0\ul0\strike0\v0\expnd0\expndtw0\outl0\shad0\f3\fs18\cf0\nosupersub 33\cell \s1 17 \qc }{\b0 \i0\ul0\strike0\v0\expnd0\expndtw0\outl0\shad0\f3\fs18\cf0\nosupersub \cell \s11 7 \qc }{\b0\i0\ul0\strike0\v0\expnd0\expndtw0\outl0\shad0\f3\fs18\cf0\nosupersub None\cell \s117 \qc }{\b0\i0\ul0\strike0\v0\expnd0\expndtw0\outl0\shad0\f3\fs18 \cf0 \nosupersub 42\cell } \row \trowd\trqr\trrh760 \clbrdrl\brdrs\brdrw10\brsp0\brdrcf0\clbrdrr\brdrs\brdr w10\brsp0\brdrcf0\clbrdrt\brdrs\brdrw10\brsp0\brdrcf0\clbrdrb\brdrs\brdrw10\brsp 0\brdrcf0\cellx1181\clbrdrl\brdrs\brdrw10\brsp0\brdrcf0\clbrdrr\brdrs\brdrw10\br sp0\brdrcf0 \clbrdrt\brdrs\brdrw10\brsp0\brdrcf0\clbrdrb\brdrs\brdrw10\brsp0\brdrcf0\cellx23 21\cellx2501\clbrdrl\brdrs\brdrw10\brsp0\brdrcf0\clbrdrr\brdrs\brdrw10\brsp0\brd rcf0\clbrdrt\brdrs\brdrw10\brsp0\brdrcf0\clbrdrb\brdrs\brdrw10\brsp0\brdrcf0\cel lx3682\clbrdrl \brdrs\brdrw10\brsp0\brdrcf0\clbrdrr\brdrs\brdrw10\brsp0\brdrcf0\clbrdrt\brdrs\b rdrw10\brsp0\brdrcf0\clbrdrb\brdrs\brdrw10\brsp0\brdrcf0\cellx4822\cellx5002\clb

rdrl\brdrs\brdrw10\brsp0\brdrcf0\clbrdrr\brdrs\brdrw10\brsp0\brdrcf0\clbrdrt\brd rs\brdrw10 \brsp0\brdrcf0\clbrdrb\brdrs\brdrw10\brsp0\brdrcf0\cellx6183\clbrdrl\brdrs\brdrw 10\brsp0\brdrcf0\clbrdrr\brdrs\brdrw10\brsp0\brdrcf0\clbrdrt\brdrs\brdrw10\brsp0 \brdrcf0\clbrdrb\brdrs\brdrw10\brsp0\brdrcf0\cellx7323\pard\intbl \s117 \qc {\b0\i0\ul0\strike0\v0\expnd0\expndtw0\outl0\shad0\f3\fs18\cf0\nosuper sub 15\cell \s117 \qc }{\b0\i0\ul0\strike0\v0\expnd0\expndtw0\outl0\shad0\f3\fs1 8\cf0\nosupersub 17\cell \s117 \qc }{\b0\i0\ul0\strike0\v0\expnd0 \expndtw0\outl0\shad0\f3\fs18\cf0\nosupersub \cell \s117 \qc }{\b0\i0\ul0\strike 0\v0\expnd0\expndtw0\outl0\shad0\f3\fs18\cf0\nosupersub 31\cell \s117 \qc }{\b0\ i0\ul0\strike0\v0\expnd0\expndtw0\outl0\shad0\f3\fs18\cf0\nosupersub 34\cell \s1 17 \qc }{\b0 \i0\ul0\strike0\v0\expnd0\expndtw0\outl0\shad0\f3\fs18\cf0\nosupersub \cell \s11 7 \qc }{\b0\i0\ul0\strike0\v0\expnd0\expndtw0\outl0\shad0\f3\fs18\cf0\nosupersub SIC-1\cell \s117 \qc }{\b0\i0\ul0\strike0\v0\expnd0\expndtw0\outl0\shad0\f3\fs1 8\cf0 \nosupersub 25, 26\cell } \row \trowd\trqr\trrh760 \clbrdrl\brdrs\brdrw10\brsp0\brdrcf0\clbrdrr\brdrs\brdr w10\brsp0\brdrcf0\clbrdrt\brdrs\brdrw10\brsp0\brdrcf0\clbrdrb\brdrs\brdrw10\brsp 0\brdrcf0\cellx1181\clbrdrl\brdrs\brdrw10\brsp0\brdrcf0\clbrdrr\brdrs\brdrw10\br sp0\brdrcf0 \clbrdrt\brdrs\brdrw10\brsp0\brdrcf0\clbrdrb\brdrs\brdrw10\brsp0\brdrcf0\cellx23 21\cellx2501\clbrdrl\brdrs\brdrw10\brsp0\brdrcf0\clbrdrr\brdrs\brdrw10\brsp0\brd rcf0\clbrdrt\brdrs\brdrw10\brsp0\brdrcf0\clbrdrb\brdrs\brdrw10\brsp0\brdrcf0\cel lx3682\clbrdrl \brdrs\brdrw10\brsp0\brdrcf0\clbrdrr\brdrs\brdrw10\brsp0\brdrcf0\clbrdrt\brdrs\b rdrw10\brsp0\brdrcf0\clbrdrb\brdrs\brdrw10\brsp0\brdrcf0\cellx4822\cellx5002\cel lx6183\cellx7323\pard\intbl \s117 \qc {\b0\i0\ul0\strike0\v0\expnd0\expndtw0\outl0\shad0\f3\fs18\cf0\nosuper sub 16\cell \s117 \qc }{\b0\i0\ul0\strike0\v0\expnd0\expndtw0\outl0\shad0\f3\fs1 8\cf0\nosupersub 19\cell \s117 \qc }{\b0\i0\ul0\strike0\v0\expnd0 \expndtw0\outl0\shad0\f3\fs18\cf0\nosupersub \cell \s117 \qc }{\b0\i0\ul0\strike 0\v0\expnd0\expndtw0\outl0\shad0\f3\fs18\cf0\nosupersub 32\cell \s117 \qc }{\b0\ i0\ul0\strike0\v0\expnd0\expndtw0\outl0\shad0\f3\fs18\cf0\nosupersub None\cell \ s117 \qc }{\b0 \i0\ul0\strike0\v0\expnd0\expndtw0\outl0\shad0\f3\fs18\cf0\nosupersub \cell \s11 7 \qc }{\b0\i0\ul0\strike0\v0\expnd0\expndtw0\outl0\shad0\f3\fs18\cf0\nosupersub \cell \s117 \qc }{\b0\i0\ul0\strike0\v0\expnd0\expndtw0\outl0\shad0\f3\fs18\cf0 \nosupersub \cell } \row \pard }