Accounting Standard 2 (AS2) Issued by Institute of chartered Accountants of India (ICAI) is applicable to valuation of Inventories.

Is this section applicable to all sort of accounting or some businesses are excluded from the applicability?

Posted 3 years ago by Rahul Rai

AS 2 is not applicable to the following businesses

1. WIP in construction contracts

2. WIP of Service providers

3. Stock trading business

4. Livestock, agricultural products, minerals, forest products etc

Posted 3 years ago by Half-God Half-Man

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