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of <h1>Understanding Inventory Valuation: Ind AS 002 Guidelines on Cost, NRV, and Excluded Expenses</h1> Inventories are valued at the lower of cost or net realizable value (NRV) under Ind AS 002. The cost of inventory includes the cost of purchase, conversion, and other expenses necessary to bring the inventory to its current state. The cost of purchase encompasses the basic price, non-refundable taxes, carrying costs, and inward insurance, minus trade and quantity discounts. Conversion costs cover labor and overheads, both fixed and variable. Costs excluded from inventories include abnormal waste, non-essential storage, administrative overheads, selling costs, and interest, unless specified under Ind AS 23 for borrowing costs. Deferred settlement purchases with financing elements are recognized as interest expenses.
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