Stock valuation S(tandard) Price without ML: month end?

Hello,

I am trying to get a conceptual overview.

In IAS2 (IFRS) it is said that stock is allowed to be valuated at standard price, if this comes close to actual price. I on the other hand have always thought and learned back in school in the '90's that standard price is not allowed, only actual historic cost.

QUESTION 1 Suppose we have a traditional R/3 or ECC system *without Material Ledger and it's actual costing*, but we *do have product planning and product costing*: what would we do at month end to revalue stock and COGS? Something in Product costing? Does that revalue stock AND COGS (or some other GL-account in FI?) Or isn't it done there but in MM? How? And does this also adjust the same COGS in the FI P&L and/or something in CO? (What?)

QUESTION 2 The same as in QUESTION 1, but now assuming we don't have product planning and -costing, only MM, SD, FICO (trading company).

Thank you in advance for answers!

Bye,