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, 8 months 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, 8 months ago by HS VEDANTA DESHIKA
You need to be logged in to reply.