Inventory valuation as per AS2 is lower of cost/NRV
how can v measure NRV
1 Replies
CA CS CIMA Prakash Somani
(Landmark Group)
(23502 Points)
Replied 03 March 2009
This depends on the value which we can fatch by selling it into open market. If it is not yet sold into market yet then value of "identical goods of its kind" can be taken as NRV.
Recent Topics
- Submit ommited invoice of previous year
- Need your valueble insight
- GSTR-9 Invoices
- Agricultural Business Loss
- Reporting in gstr9 of ITC of Previous year reverse
- Tax on Reimbursement of House Rent
- MAHARASHTRA CHARITY COMMISSIONER WEBSITE
- Explanation 3 to section 11(1) read with section 4
- Ammendment in Partnership On Death of Partner and
- TDS Provisions applicability Tax Audit Individual
Related Threads
CAclubindia
