Inventory is something almost all businesses have, be it in the form of consumables or goods sold by retailers, or even internally produced. Even entities providing services are required to keep track of their “cost of sales”, which is dealt with in this section of IFRS for SMEs. This session focuses on inventory from the SMEs standard, and will help you understand what cost determination methods are available, e.g. FIFO, how to calculate closing inventory based on perpetual versus periodic inventory systems, how to accumulate input costs as part of production, and finally what inventory impairment considerations apply.