2 This Standard applies to all inventories, except:

(a)[deleted]

(b) financial instruments (see IAS 32 Financial Instruments: Presentation and IFRS 9 Financial Instruments); and

(c) biological assets related to agricultural activity and agricultural produce at the point of harvest (see IAS 41 Agriculture).

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

(a) producers 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 practices in those industries. When such inventories are measured at net realisable value, changes in that value are recognised in profit or loss in the period of the change.