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of <h1>AS 2: Inventory Valuation Rules, Exclusions, Cost Formulas, and Disclosure Requirements in Financial Statements</h1> Accounting Standard (AS) 2, effective from March 30, 2016, outlines the principles for valuing inventories in financial statements. It excludes certain items like construction contracts, service provider work in progress, financial instruments, and specific industry inventories. Inventories are valued at the lower of cost and net realizable value, with costs including purchase, conversion, and other relevant expenses. Exclusions from inventory costs include abnormal waste, storage, and selling costs. Cost formulas like FIFO or weighted average are recommended for interchangeable items. Disclosure requirements mandate revealing accounting policies and inventory classifications in financial statements.
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