Valuation of Inventories: ICDS II applies to traders and dealers of primary commodities while excluding producers. ICDS II governs valuation of inventories for income computation and disclosure. The standard is excluded for a producer of primary goods like livestock, ... Summary
Valuation of Inventories: ICDS II applies to traders and dealers of primary commodities while excluding producers.
ICDS II governs valuation of inventories for income computation and disclosure. The standard is excluded for a producer of primary goods like livestock, agricultural and forest products, mineral oils, ores and gases, but it applies to persons who trade or deal in those commodities; therefore the producer/dealer distinction determines whether ICDS II applies.
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TaxTMI 
TaxTMI 
