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Valuation of closing stock in insurance claims

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Querist : Anonymous

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Querist : Anonymous (Querist)
07 January 2012 In case of Insurance on stock, and the closing stock contains abnormal goods which is exepected to realize less than its cost, then whether such stock should be valued at its cost or reduce its value as expected realization value?(which is less than cost) as per conservatism concept.or stock is always valued at cost only.
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CA CS PRASHANT

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CA CS PRASHANT (Expert)
07 January 2012 As per AS-2 cost or NRV w.e is less.

they are is second view on the above.
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