Inventory valuation exceptions under ICDS exclude construction contract WIP, securities, producer inventories, and irregular-use machinery spares. Exceptions to ICDS-II for inventory valuation: construction contract work-in-progress covered by ICDS-III; work-in-progress covered by other ICDS; shares, debentures and other financial instruments held as stock-in-trade governed by ICDS-VIII; producers' inventories of livestock, agricultural and forest products, mineral oils, ores and gases measurable at net realisable value; and machinery spares usable only with a tangible fixed asset and expected to be used irregularly, which are dealt with under ICDS-V.