Inventory valuation as per AS2 is lower of cost/NRV
how can v measure NRV
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.
GSTR 9 and 9C for FY 23-24 as amended by Notification 12/2024 dated 10th July 2024(with recording)
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