Hi
Can we adjsut the revaluation of inventory loss against general provision for inventory? Istead of recoganzing in Income statement
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Revaluation of inventory
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Dear shijil
As par accounting standard -2 issued by ICAI ,explain this the inventory is valued at cost or nrv (net realisable value) which ever is lower .......and the loss due to this adjustment autometically transfer in the finacial statements and as you have explained the above accounting treatment voilate the AS-2 , you can not adjust the inventory loss in any kind of provision
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