As 2
This query is : Resolved
Querist : Anonymous
Querist :
Anonymous
(Querist)
04 September 2011
fact:-
assessee is engaged in the trading books.
there is non move/slow moving items hold
at warehouse.
As per as-2 it should value at lower of cost & NRV
query:-
how to judge the net realiable value?
which are the source to determineNRV? OR
WHAT ARE THE PARAMETER to judge the NRV?
assessee is engaged in the trading books.
there is non move/slow moving items hold
at warehouse.
As per as-2 it should value at lower of cost & NRV
query:-
how to judge the net realiable value?
which are the source to determineNRV? OR
WHAT ARE THE PARAMETER to judge the NRV?
05 September 2011
as per AS2- Finished goods are to be shown at lower of NRV or cost
and Raw material shall be shown at Cost.
Thereis no mechanism given by AS2 with regard to calculation of NRV.
It is upon the assessee to determine the Net Realizable Value in the market of the underlying inventory but the policy should be followed consistently.
and Raw material shall be shown at Cost.
Thereis no mechanism given by AS2 with regard to calculation of NRV.
It is upon the assessee to determine the Net Realizable Value in the market of the underlying inventory but the policy should be followed consistently.
03 October 2011
I agrees with the experts reply
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