This article focuses on Section 13 Inventories under FRS 102 Financial Reporting Standard applicable in the UK and Ireland. While there are a number of detailed changes that have been made to the accounting treatment of inventories as a result of the introduction of FRS 102, some of the changes are quite narrow and many entities will find that their accounting practices can be carried over without substantive change from those previously adopted, usually under SSAP 9.

The only thing they may notice that has changed is the most basic; FRS 102 refers to inventories whereas SSAP 9 referred to the same items as stock. The comparable standard in IFRS is IAS 2 Inventories.