https://www.taxtmi.com/article/detailed?id=17702 Under Ind AS 2 and IAS 2, inventory is generally measured at the lower of cost and net realisable value, taking account of estimated completion and selling costs. Stock statements to lenders should be reconciled with the ledger and actual inventory before submission; inflated figures can misrepresent available collateral. Unexplained stock differences identified during surveys or audits can lead to additions to taxable income, while inventory records are required under indirect-tax and company law. GST input tax credit on goods lost, stolen, destroyed or written off generally requires reversal. en-us Thu, 05 Nov 2026 07:45:37 +0530 Thu, 05 Nov 2026 07:45:37 +0530 TaxTMI RSS Generator https://www.taxtmi.com/article/detailed?id=17702 Under Ind AS 2 and IAS 2, inventory is generally measured at the lower of cost and net realisable value, taking account of estimated completion and selling costs. Stock statements to lenders should be reconciled with the ledger and actual inventory before submission; inflated figures can misrepresent available collateral. Unexplained stock differences identified during surveys or audits can lead to additions to taxable income, while inventory records are required under indirect-tax and company law. GST input tax credit on goods lost, stolen, destroyed or written off generally requires reversal. Articles Accounting - Auditing Thu, 05 Nov 2026 07:45:37 +0530 https://www.taxtmi.com/article/detailed?id=17702