Inventories happens to be the largest single line item in trading firms and public utilities and the second largest item in many manufacturing firms after fixed assets. So it is very important for every company having the inventory to follow a consistent and well-devised method of inventory...

A proper disclosure of valuation of finished goods inventory is required for consistent and accurate financial statements. Accounting Standard (AS)-2 is specifically devised for this purpose. This paper makes an attempt to compare the actual prevailing practices of disclosure of cost formulae in...