(a) held for sale in the ordinary course of business.

(b) in the process of production for such sale; or

(c) in the form of materials or supplies to be consumed in the production process or in the rendering of services.  

Inventories encompass goods purchased and held for resale including, for example, merchandise purchased by a retailer and held for resale, or land and other property held for resale. Inventories also encompass finished goods produced, or work in progress being produced, by the entity and include materials and supplies awaiting use in the production process. In the case of a service provider, inventories include the costs of the service, for which the entity has not

yet recognised the related revenue (see IAS 18).

Stocks of goods held for manufacturing or resale. It includes raw materials, work-in-progress, and finished goods.

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