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of <h1>AS 02 Guides Inventory Valuation: Measure at Lower of Cost or Net Realizable Value, Excludes Construction Work in Progress</h1> Accounting Standard (AS) 02 addresses the valuation of inventories, emphasizing their measurement at the lower of cost and net realizable value. It excludes certain categories like work in progress under construction contracts, financial instruments, and certain producer inventories. The cost of inventories includes purchase, conversion, and other costs necessary for their current condition. Specific cost formulas, such as FIFO and weighted average, are recommended for items with interchangeable characteristics. The standard mandates the disclosure of accounting policies and inventory classifications in financial statements, ensuring transparency in inventory valuation and its impact on financial reporting.
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