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.
(b) commodity broker-traders who measure their inventories at fair value less costs to sell. When such inventories are measured at fair value less costs to sell, changes in fair value less costs to sell are recognised in pr
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