https://www.taxtmi.com/acts?id=54098 Sets out the principles for valuation of inventory on a historical cost basis for cost and financial reporting, requiring identification of includible cost elements, consistent classification, and application of the lower of cost or net realizable value test. It prescribes valuation rules for purchased and self-manufactured inventory, packing material, work-in-process, finished goods, scrap, and inventory in transit, while excluding abnormal costs, finance costs, selling and distribution overheads, and other non-qualifying expenses. It also requires presentation, disclosure, and certification of inventory valuation in the prescribed format. en-us Tue, 21 Apr 2026 15:50:21 +0530 Fri, 24 Apr 2026 12:51:23 +0530 TaxTMI RSS Generator https://www.taxtmi.com/acts?id=54098 Sets out the principles for valuation of inventory on a historical cost basis for cost and financial reporting, requiring identification of includible cost elements, consistent classification, and application of the lower of cost or net realizable value test. It prescribes valuation rules for purchased and self-manufactured inventory, packing material, work-in-process, finished goods, scrap, and inventory in transit, while excluding abnormal costs, finance costs, selling and distribution overheads, and other non-qualifying expenses. It also requires presentation, disclosure, and certification of inventory valuation in the prescribed format. Act-Rules Companies Law Tue, 21 Apr 2026 15:50:21 +0530 https://www.taxtmi.com/acts?id=54098