Can we Change stock valuation method .. ??
In preceding financial year We Adopted fifo method .
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Change in Stock Valuation method
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For the accounting purposes - AS 2 "Valuation of Inventory" will be applicable here. Under AS 2, it is clearly mentioned that stock valuation method can be changed in the comparison of previous year:
However, it should result in better presentation and adequate disclosure should be made in the financial statements for the same.
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