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of <h1>Understanding Ind AS 2: Inventory Accounting, Cost Recognition, and Disclosure Requirements for Financial Statements</h1> Indian Accounting Standard (Ind AS) 2 prescribes the accounting treatment for inventories, focusing on the cost to be recognized as an asset until related revenues are realized. It outlines the determination of cost, subsequent recognition as an expense, and guidance on cost formulas like FIFO and weighted average. The standard applies to all inventories except financial instruments, biological assets, and certain agricultural and mineral products. Inventories are measured at the lower of cost and net realizable value, with costs including purchase, conversion, and other relevant expenses. Disclosures in financial statements must include inventory policies, carrying amounts, and any write-downs or reversals.
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