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of <h1>AS 2: Key Principles for Valuing Inventories in Financial Statements, Focus on Cost and Net Realizable Value</h1> The Accounting Standard AS 2 outlines the principles for valuing inventories in financial statements, focusing on determining their cost and any necessary write-downs to net realizable value. It excludes certain inventories like those under construction contracts and financial instruments. Inventories are valued at the lower of cost or net realizable value, with costs including purchase, conversion, and other relevant expenses. Costs are assigned using specific identification or formulas like FIFO or weighted average. The standard emphasizes writing down inventories to net realizable value when costs are not recoverable and requires disclosure of inventory valuation policies and classifications in financial statements.
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