AS2 does not apply to valuation of WIP
This query is : Resolved
Querist : Anonymous
Querist :
Anonymous
(Querist)
16 April 2010
AS 2 does not apply to valuation of work in progress arising in the ordinary course of business of service providers.
ARE WE HAVE ANY EXCEPTION ON THIS .. IF ANY SERVICE INDUSTRY WANT TO ADD WIP STOCK IN THEIR FINANCIAL ( AS OTS A BIG AMOUNT) THAN PROCEDURE HAVE TO TAKE .
ARE WE HAVE ANY EXCEPTION ON THIS .. IF ANY SERVICE INDUSTRY WANT TO ADD WIP STOCK IN THEIR FINANCIAL ( AS OTS A BIG AMOUNT) THAN PROCEDURE HAVE TO TAKE .
CMA RV Padmakumar.A
(Expert)
17 April 2010
i think if valuation of WIP progress of services can be legibly done you can show it in your financial information as a notes to account and a voluntary disclosure.
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