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<h1>Inventory valuation must use lower of cost or net realisable value and include taxes and duties in valuation.</h1> Inventory valuation must follow the income computation and disclosure standards: generally valued at the lower of actual cost or net realisable value; purchases, sales and inventory valuations must be adjusted to include any tax, duty, cess or fee actually paid to bring goods or services to their location and condition. Securities inventory rules distinguish unlisted or irregularly quoted securities (valued at actual cost) from other securities (valued at lower of actual cost or net realisable value), with category-wise comparisons and special application for scheduled banks and public financial institutions considering regulatory guidelines.
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