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Impairment of imported coal valuation

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(Querist)
26 June 2021 whethr impairment of imported coal stock is to be valued and accounted for in the accounts of 2020-21? if so, what is the provision ?
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CA R SEETHARAMAN

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CA R SEETHARAMAN (Expert)
26 June 2021 Yes, it's to be accounted in 2020-21. Reduce the value of the stock to the extent of impairment.
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MANMOHAN Samiksha

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MANMOHAN Samiksha (Querist)
26 June 2021 thank u sir but if the price of finished product by consuming the coal increased in this case what to do?
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CA R SEETHARAMAN

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CA R SEETHARAMAN (Expert)
27 June 2021 You are reducing the stock price to the extent of impairment, so price of finished product will not increase.
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