CERTYNEX IFRS ACADEMY

Bijouterie Saint-Amand holds unique pieces made by designers, each acquired at its own price, as well as standard silver chains bought by the thousand at varying prices. Which approach to assigning cost complies with IAS 2?

Specific identification for the unique pieces; FIFO or weighted average cost for the standard chains.

Specific identification for all items, so as to track each chain and each piece separately.

Weighted average cost for all items, for the sake of uniform methods within the jeweller.

FIFO for the unique pieces and specific identification for the standard chains bought in large quantities.