Our company is a Pvt. Ltd company & doing business in the field of steel products trading. Every year we had valued our Closing stock on average or FIFO basis. Now for financial year 2015-16, we want to know whether it is possible to value closing stock on LIFO basis, taking into consideration the accounting standard applicable to Pvt. Ltd. Company for the financial year 2015-16. If the company management values the closing stock on LIFO basis, what shall be the duties of statutory auditor? Whether a note on the accounts will be sufficient for auditors to certify the accounts. Please suggest
1 Replies
Shailendra Jaiswal,
(Accountant)
(185 Points)
Replied 13 August 2016
AS-1 DISCLOSURE OF ACCOUNTING POLICY IS APPLY
DISCLOSURE OF CHANGE OF METHOD OF VALUVATION SHOULD BE GIVEN IN REPORT AND IT'S IMPACT ON P&L
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