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of <h1>ICDS II Inventory Valuation Rules Exclude Shares of Non-Public Companies; Covered by ICDS VIII Instead.</h1> Provisions of ICDS II, which pertain to the valuation of inventories, do not apply to shares of a company in which the public is not substantially interested. This exclusion holds even if such shares are held as inventory. The rationale is that the definition of securities in ICDS VIII explicitly includes shares of companies not substantially interested by the public, thereby exempting them from ICDS II's scope.
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