https://www.taxtmi.com/acts?id=20018 The standard requires valuation of material receipts at purchase price including directly attributable procurement costs (net of recoverable credits), excludes finance costs and certain penalties, prescribes consistent valuation of issues using cost flow assumptions or standard costs with variances included, and mandates exclusion of abnormal cost. It directs that self manufactured components include direct and production overheads but exclude finance and marketing overheads, and that material costs be traced or allocated to cost objects, with specified classification and disclosure requirements in cost statements. en-us Fri, 11 Sep 2015 17:43:29 +0530 Fri, 11 Sep 2015 17:46:40 +0530 TaxTMI RSS Generator https://www.taxtmi.com/acts?id=20018 The standard requires valuation of material receipts at purchase price including directly attributable procurement costs (net of recoverable credits), excludes finance costs and certain penalties, prescribes consistent valuation of issues using cost flow assumptions or standard costs with variances included, and mandates exclusion of abnormal cost. It directs that self manufactured components include direct and production overheads but exclude finance and marketing overheads, and that material costs be traced or allocated to cost objects, with specified classification and disclosure requirements in cost statements. Act-Rules Companies Law Fri, 11 Sep 2015 17:43:29 +0530 https://www.taxtmi.com/acts?id=20018