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of <h1>Understanding Income Computation and Disclosure Standard II: Inventory Valuation Rules and Exclusions for Businesses</h1> The Income Computation and Disclosure Standard II, effective from the assessment year 2017-18, governs the valuation of inventories for income computation under 'Profits and gains of Business or profession' or 'Income from other sources.' It excludes certain categories like construction contracts, financial instruments, and specific inventories measured at net realizable value. Inventories are valued at cost or net realizable value, whichever is lower, and include costs of purchase, conversion, and other relevant expenses. Specific identification, FIFO, or weighted average cost formulas are used for cost assignment. Disclosure requirements include accounting policies and inventory classification. Changes in valuation methods require reasonable cause.
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