Accounting Standard 2 Applicability? - Professionals - Accounting - TIK Share

Accounting Standard 2 Applicability?

Rahul Rai


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?

Vedanta Deshika


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