Innovation

46 history system Standard (AS) 2 (revised 1999) valuation of Inventories Contents OBJECTIVE SCOPE DEFINITIONS meter OF INVENTORIES comprise of Inventories cost of Purchase Costs of Conversion different Costs Exclusions from the Cost of Inventories Cost Formulas Techniques for the Measurement of Cost authorise Realisable Value revealing Paragraphs 1-2 3-4 5-25 6-13 7 8-10 11-12 13 14-17 18-19 20-25 26-27 The following account Standards commentary (ASI) relates to AS 2: ? ASI 2 - chronicle for Machinery Spargons The higher up Interpretation is published elsewhere in this Compendium.  paygrade of Inventories 43 history Standard (AS) 2* (revised 1999) Valuation of Inventories (This accountancy Standard includes paragraphs fix in bold italic type and plain type, which point equal authority. Paragraphs in bold italic type point the main principles. This Accounting Standard should be read in the con text edition of its objective and the Preface to the Statements of Accounting Standards1 .) The following is the text of the revised Accounting Standard (AS) 2, Valuation of Inventories, gistd by the Council of the bring of Chartered Accountants of India. This revised Standard supersedes Accounting Standard (AS) 2, Valuation of Inventories, issued in June, 1981.

The revised standard comes into gear up in discover of accounting periods commencing on or afterward 1.4.1999 and is mandatory in nature.2 Objective A primary issue in accounting for inventories is the decisiveness of the value at which inventories are carried in the financial statements until the link revenues are recognised. This Statement deals with the c onclusion of such value, including the ascer! tainment of cost of inventories and whatsoever write-down thereof to authorize realisable value. Scope 1. This Statement should be apply in accounting for inventories other than: * The Standard was originally issued in June 1981. Attention is specifically drawn to paragraph 4.3 of the Preface,...If you want to exit a unspoilt essay, order it on our website: OrderEssay.net

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