Tell me about IND as 2 & its valueations?

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Accepted Answer

IND AS 2 is an accounting standard that deals with inventories and their valuation.

IND AS 2 provides guidelines for the measurement and valuation of inventories.
It requires inventories to be measured at the lower of cost and net realizable value.
The standard also provides guidance on the cost formulas that can be used to determine the cost of inventories, such as FIFO and weighted average cost.
The valuation of inventories is important as it affects the financial statements and the profitability of a company.
The standard also requires disclosure of the accounting policies used for inventories and the carrying amount of inventories.
Valuation of inventories is important for companies in various industries such as retail, manufacturing, and agriculture.

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