Your client Beast Ltd is a company engaged in wholesaling goods. Beast Ltd uses last-in first-out in
respect of valuation of ending inventories, which is one of the most significant balance sheet accounts
for this company. The difference between first-in first-out and last-in first-out has a material effect on the
ending inventory balance.
Menu
Audit Report
Replies (1)
If you could go through AS-2, LIFO method is no where mentioned in the Accounting Standard, only FIFO or weighted average method is provided.
Recent Topics :
- Late Fees and Interest
- HDFC Bank’s Bureaucracy: The Nightmare of Fl
- Running a CSC Center, Maha E-Seva Kendra, Setu Ken
- GSTR-9 Table 8A issue
- CA Inter Coaching institutes at Hyderabad
- Looking for practising CA
- TDS return filing
- Need formats of FS as per Co act 2013 in soft copy
- Remittance to italy
- Invoice made but goods not sent
Related Topics :
CAclubindia
