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Disclosure of Change in the method of val. of closing stock

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(Querist)
02 March 2010 A co. wants to change its valuation method of closing stock from FIFO to Average Stock method.by doing so profit of the co. is increased so there should be no objection to revenue authority in changing the method of valuation of closing stock.
is this manadatory to continue that method in future and as a statutary auditor what we have to disclose in our report?
Reason for changing the method is required to disclose?
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Rasesh

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Rasesh (Expert)
02 March 2010 The reason for change in method is not required. However, the fact that the method is changed from ___ to ___ has to be disclosed and the impact due to change has to be stated.
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CMA Ramesh Krishnan

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CMA Ramesh Krishnan (Expert)
02 March 2010 Yes.Change of method of valuation of stock and effect on the financials on the same need to disclose
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Sumiti Jain

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Sumiti Jain (Querist)
03 March 2010 thanx Mr. Rasesh n CMA Ramesh Krishan
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