What do it mean by reversal of written down value of inventory as per Ind AS 2?
Ind AS 2
Shobhit Jain (CA) (4896 Points)
14 October 2017
1 Replies
Ashiwini Ballodia
(Managing Partner at TAXounting)
(8737 Points)
Replied 14 October 2017
it means earlier asset was valued below cost i.e valued at NRV
Now when NRV increasd the asset to be value at cost and we have to reversed the amount which was earlier written off
Now when NRV increasd the asset to be value at cost and we have to reversed the amount which was earlier written off
Recent Topics
- SECTION 148 PROCEEDING
- GST AUDIT 01 - NOTICE
- Capital gain purchase date
- Transmission of deceased's shares in physical form
- Income tax notice but unable to file updated retur
- Income tax depreciation deductions
- GST Notice (Under Section 73)
- Asset Declaration in ITR2 for flat purchased in jo
- Active pan but invalid
- SECTION 128A For those who filed appeal and order
Related Threads
Trending Online Classes
-
PF & ESI Course - Labour Code 2019 Along with Examples and Case Studies
Mr.Balamurugan Ranganathan13 March 2025
CAclubindia
