TaxTMI 
TaxTMI 
Comparison chart of ICDS II, AS-2 & IndAS-2
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....-progress arising under 'construction contract' including directly related service contract which is dealt with by the ICDS relating to construction contracts; b). Work-in-progress which is dealt with by other ICDS; c.) Shares, debentures and other financial instruments held as stock-in-trade which are dealt with by the ICDS relating to securities; d.) Producers' inventories of livestock, agric....
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....ectly related service contracts and work in progress arising in the ordinary course of business of service providers have been scoped out of AS 2 Measurement requirements of Ind AS 2 do not apply to inventories held by commodity broker-traders who measure their inventories at fair value less costs to sell and producers of agricultural and forest products, agricultural produce after harvest and mi....
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....d average cost formula. The formula used shall reflect the fairest possible approximation to the cost incurred in bringing the items of inventory to their present location and condition. Retail method is permitted as technique for measurement of cost if it is impracticable to use 'FIFO' or 'Weighted Average Cost Formula' It is not expressly mandated to use the same cost formula consistently for ....
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....efined. The guidance for the same will need to be taken from judicial precedents. Change from one cost formula to another constitutes a change in an accounting policy. As such, pursuant to AS 5, a change in method of valuation of inventories should be made only if it is required by statute or for compliance with an AS or if it is considered that the change would result in a more appropriate pres....