banner_ad

Deviation From AS

This query is : Open 
Profile Image

Profile Image

(Querist)
27 December 2010 One of our Client has valued the inventory @ market Value. I have made a reservation in my Audit Report. They have clarified that the goods so valued are agreed to be sold at such price. Is the clients answer justifiable?
Profile Image

CA Shailesh Kumar Bhagat

Profile Image

CA Shailesh Kumar Bhagat (Expert)
27 December 2010 as per AS your observation, is correct. If the market value is less than cost price, may be valued, otherwise any reply is not acceptable.
Profile Image

Sharat Bhat

Profile Image

Sharat Bhat (Querist)
27 December 2010 Any Remedy for the client ?
Profile Image

CA Anisha Ray

Profile Image

CA Anisha Ray (Expert)
28 December 2010 The AS-2 clearly states Cost or Market Value whichever is lower. So unless the market value is lower the client cannot value its stocks at Market value.
Profile Image

sachin

Profile Image

sachin (Expert)
28 December 2010 agreed with expert
Profile Image

Sharat Bhat

Profile Image

Sharat Bhat (Querist)
28 December 2010 Thanks
You need to be the querist or approved CAclub expert to take part in this query .
Click here to login now


CCI Pro
Join the CA Students WhatsApp Community for ICAI Updates, Trending Courses & Notes!


Similar Resolved Queries


loading


Unanswered Queries


banner

Trending Online Classes

view all classess

CCI Pro
Meet our CAclubindia PRO Members
Subscribe Now

Follow us
add to google news



Answer Query



Quick Links



Browse by Category




Latest Job Openings

View all
Company
09 May 2026
Audit Manager

Kanna and Associates

Coimbatore

CA Inter

View Details
Company
10 May 2026
Finance specialist

Right way solution

Ajmer

CA

View Details
Company
Featured 26 May 2026
Account Executive

SMJ global advisors pvt ltd

New Delhi

B.Com

View Details
Company
08 May 2026
Paid Assistants

Quick Taxperts Private Limited

Bengaluru

Graduate (Any)

View Details
Company
16 May 2026
Account & Audit Asst

RAHUL KHANDEBHARAD & ASSOCIATES

Nashik

B.Com

View Details
Company
26 May 2026
Education Content Creator

Adyayam Education LLP

Bengaluru

CA Foundation

View Details
Company
ARTICLESHIP 02 May 2026
Accounts and Audit Assistant

Kothawade and Laddha

Thane

B.Com

View Details
Company
ARTICLESHIP 15 May 2026
Audit Assistant / Article Trainee / Intern

SSGS and Associates

Chennai

CA Inter

View Details