As-2
This query is : Resolved
PRABHJOT KAUR
(Querist)
25 June 2013
pls tell me..
we have an client who value their stock on average cost method. but the market value of stock is very less. they are not in favour of valuing stock at market value...
then the question is whether there is any solution for valuing stock at cost....
we have an client who value their stock on average cost method. but the market value of stock is very less. they are not in favour of valuing stock at market value...
then the question is whether there is any solution for valuing stock at cost....
CA Kishore Tallam
(Expert)
26 June 2013
As per AS 2, stock has to be valued at lower of cost or net realisable value whichever is lower. If the management is not favourable of writing down the stock value, then the auditor has to qualify for non compliance of AS 2.
PRABHJOT KAUR
(Querist)
26 June 2013
thankuuuu so much sir,....
You need to be the querist or approved CAclub expert to take part in this query .
Click here to login now
Click here to login now
Similar Resolved Queries
Unanswered Queries
- Late Filing Fee Waiver for Q1 Form 144 (Earlier 27Q) – Transition to Income-tax Act, 2025
- GSTR9 Annual Return
- Ito add credit side of bank
- Employee secondment
- Rent agreement of House of deceased person
- GST ITC as per notification 12/2023- central tax
- Positive Balance in RCM Liability/ITC Statement – Commercial Rent RCM – Guidance Required
- Gift to nri relatives resides in usa
- LLP audit and disclosure
- Applicability of tax on invoice
- Capital gain on commercial property and investment in residential property
- Import of Capital Machine
- FAST DS 26 Undisclosed Foreign Asset Disclosure Scheme 2026
- Regime change
- Tally: Imported bank entries do not show up in manual reconciliation
- Confused About My Career After 12th — Cyber Security, AI or Finance? Need Guidance
- FAST-DS 2026 Under Tax Law - No recourse or support for person declaring via this scheme?
- Guidance Needed: Linking Multiple Form 26QB Payments and Responding to ITD Defaulter Notice
- How to pay remaining amount of TDS after due date?
- Resigning a auditor from the company for misconduct
Trending Online Classes
-
DT & Audit (Exam Oriented Fastrack Batch) - For May 26 Exams and onwards Full English
CA Bhanwar Borana & CA Shubham Keswani
Subscribe to Pro
Join an elite circle of professionals
CAclubindia
