Definition of inventory according to IAS 2.
Inventories, per paragraph 6 of IAS 2 are assets that are
Held for sale in the ordinary course of business
In the process of production for such sale; or
In the form of materials or supplies to be consumed in the production process or in the rendering of services.
Inventories per IAS 2 comprise
b) Production Supplies
d) Work in Progress
e) Finished Goods authorized for issue.