CLOSING STOCK CALCULATION IN GOLD JEWELLERY BUSINESS

Accounting standards dont mind doing that and we have to disclose it as prior period error standard or equivalent AS standard. 

Ok so we can change CLOSING STOCK CALCULATION METHOD RIGHT??

But if i am doing so profit is going too high around 8 times high, so will I have to pay tax on that or it can be adjust nd no more tax will be levied due to high closing value because of changing closing stock method.

A change in an accounting policy should be made only if the adoption of a different accounting policy is required by statute or for compliance with an accounting standard or if it is considered that the change would result in a more appropriate presentation of the financial statements of the enterprise. As5.29

these charges are made for the present year only and future periods. Retrospective change is not allowed. For the current year, you will have to bear the tax consequences. This is the same for IndAS, IFRS and AS