I would like to know the difference between valuation and revaluation.
Can we say Fixed assets are REVALUED every year and stock is VALUED every year?
If possible kindly quote any accounting standard which deals with this.
Thanks .
Anil
Anil (1638 Points)
09 March 2009I would like to know the difference between valuation and revaluation.
Can we say Fixed assets are REVALUED every year and stock is VALUED every year?
If possible kindly quote any accounting standard which deals with this.
Thanks .
Anil
CA SUDIPTA SINHA
(Commerce Coaching- Accounts Cost FM)
(735 Points)
Replied 09 March 2009
the revaluation of fixed asset is covered by AS 10 and the imapirment of asset is covered by the AS 28. the valuation of stock is covered by AS2.
GSTR 9 and 9C for FY 23-24 as amended by Notification 12/2024 dated 10th July 2024(with recording)