IAS2 Inventories #6

Net realisable value is the estimated selling price in the ordinary course of business less the estimated costs of completion and the estimated costs necessary to make the sale.
Fair value is the amount for which an asset could be exchanged, or a liability settled, between knowledgeable, willing parties in an arm’s length transaction.

the ordinary course of business　：　正常循環
settle : to reach a decision or an agreement about something, or to end a disagreement
arm’s length : used to describe a situation in which two people, companies, etc. operate separately from each other
between knowledgeable, willing parties in an arm’s length transaction : 知識豊富で意思のある当事者間の独立した取引