Description

Swiss GAAP FER 17 “Inventories” stipulates that inventories are measured at the lower of acquisition or production cost and fair value less cost to sell. These costs comprise all direct and indirect expense required for making the inventories available at their present location and in their current condition (full cost). Each item is valued separately. The accepted valuation methods are the weighted average method, first-in-first-out and last-in-last-out methods. Valuation methods and principles are to be disclosed in the notes.