Innovation

46 chronicle system Standard (AS) 2 (revised 1999) rate of Inventories Contents OBJECTIVE SCOPE DEFINITIONS meter OF INVENTORIES hail 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 revelation 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 adaptation (ASI) relates to AS 2: ? ASI 2 - chronicle for Machinery Sp ares The higher up Interpretation is published elsewhere in this Compendium. military rating of Inventories 43 be Standard (AS) 2* (revised 1999) Valuation of Inventories (This write up Standard includes paragraphs prepare in bold italic type and plain type, which promote equal authority. Paragraphs in bold italic type seeking the main principles. This Accounting Standard should be read in the con text edition of its objective and the P reface to the Statements of Accounting Standards1 .) The following is the text of the revised Accounting Standard (AS) 2, Valuation of Inventories, trimd 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 upshot 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 ratiocin ation of such value, including the ascertain! ment of cost of inventories and whatsoever write-down thereof to straighten out 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 near essay, order it on our website: OrderEssay.net

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