Valuation of securities: stock-in-trade must be measured at the lower of actual cost and net realisable value. ICDS VIII requires securities held as stock-in-trade to be recognised at actual cost (including acquisition charges), with acquisitions in exchange recorded at the fair value of the security acquired. Accrued pre-acquisition interest included in price is allocated and the pre-acquisition portion deducted from cost. At year-end such securities must be valued categorywise at the lower of actual cost initially recognised and net realisable value; unlisted or irregularly quoted securities are valued at actual cost, and where specific identification is not possible cost is determined by first-in-first-out.