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Change from FIFO to Lifo

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Querist : Anonymous

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Querist : Anonymous (Querist)
03 February 2010 Dear Friends

change in methode of valuation of Invetory from FIFO to LIFO is change in accounting Policy or change in accounting estimation.
Kindly clarify
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CA Ashutosh Kumar Mishra

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CA Ashutosh Kumar Mishra (Expert)
03 February 2010 change in accounting Policy
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CA Ashutosh Kumar Mishra

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CA Ashutosh Kumar Mishra (Expert)
03 February 2010 change in accounting Policy
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CA Ashutosh Kumar Mishra

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CA Ashutosh Kumar Mishra (Expert)
03 February 2010 change in accounting Policy
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CA Ravi Sisodia

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CA Ravi Sisodia (Expert)
03 February 2010 yes its amounts to change in accounting Policy
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CMA Ramesh Krishnan

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CMA Ramesh Krishnan (Expert)
03 February 2010 Change in Accounting Poilcy as per AS-1

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