Innovation

46 story system Standard (AS) 2 (revised 1999) pass judgment of Inventories Contents OBJECTIVE SCOPE DEFINITIONS meter OF INVENTORIES apostrophize 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 disclosure 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 Sp bes The higher up Interpretation is published elsewhere in this Compendium.  rating of Inventories 43 chronicle Standard (AS) 2* (revised 1999) Valuation of Inventories (This be Standard includes paragraphs arrange in bold italic type and plain type, which drift equal authority. Paragraphs in bold italic type interest the main principles. This Accounting Standard should be read in the con text edition of its objective and t he Preface to the Statements of Accounting Standards1 .) The following is the text of the revised Accounting Standard (AS) 2, Valuation of Inventories, effd 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 publication in discover of accounting periods commencing on or after 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 mark of such value, including the ascertainm! ent of cost of inventories and whatsoever write-down thereof to brighten 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 all-encompassing essay, order it on our website: OrderEssay.net

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