Sameer (CA FINAL YEAR STUDENT) (148 Points)
22 May 2017Dear All.
I am in Audit profession. Kindly anyone tell me the best way to value closing inventory for construction contracting company. is it different to value as per ind AS and as per IFRS. Kindly suggest. waiting for your valuable suggestions.
V P Narasimhan
(Accounts Manager)
(793 Points)
Replied 24 May 2017
Ascertain the closing stock statement.& stock register (if maintained) Find out the last purchase of each item. Obtain the purchase invoice & note the price on which the firm has purchased. it alone will the fair value assuming purchases made earlier has been consumed. If the stock register is available it's fine since it gives you a date of purchase, values & all required details.
Sameer
(CA FINAL YEAR STUDENT)
(148 Points)
Replied 24 May 2017
Thanks Dear, but Its normal Closing stock procedure for trading company. I asked for construction contracts valuation of work in progress.
CAclubindia
