valuation of inventory
This query is : Resolved
20 July 2009
if we change the method of valuation of inventory from fifo to weighted average method then it is required to change the value of opening stock and adjust the difference with the current year profit or loss.
and the other thing can A.O. rejects the change in method of valuation of inventory that we have adopted ? can he disallow the treatment ?
Please give me any case reference or judgement for this situation.
and the other thing can A.O. rejects the change in method of valuation of inventory that we have adopted ? can he disallow the treatment ?
Please give me any case reference or judgement for this situation.
20 July 2009
Yes, the change in policy is to be specifically reported by way of note along with its effect on profitability.
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