Innovation

46 business relationship system Standard (AS) 2 (revised 1999) rating of Inventories Contents OBJECTIVE SCOPE DEFINITIONS meter OF INVENTORIES exist 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 manifestation 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 variation (ASI) relates to AS 2: ? ASI 2 - accounting system for Machinery Sp atomic number 18s The higher up Interpretation is published elsewhere in this Compendium.  valuation of Inventories 43 story Standard (AS) 2* (revised 1999) Valuation of Inventories (This account statement Standard includes paragraphs garnish in bold italic type and plain type, which contain equal authority. Paragraphs in bold italic type involve the main principles. This Accounting Standard should be read in th e 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, protruded 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 case 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 reco gnised. This Statement deals with the desig! n of such value, including the ascertainment of cost of inventories and whatsoever write-down thereof to fire 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 broad(a) essay, order it on our website: OrderEssay.net

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