Volume : 6, Issue : 7, July - 2017

INVENTORY REPORTING AS PER INDIAN ACCOUNTING STANDARDS

Dr. Abhishek Ranga

Abstract :

<p>&nbsp;<b style="text-align: justify;"><span lang="EN-IN" style="font-size: 10pt; line-height: 115%; font-family: &quot;Times New Roman&quot;, serif;">The current study is an attempt to examine and summarize the requirements of various Indian accounting standards with regard to inventory reporting. There are three different accounting standards which deal with the inventory reporting in the annual reports. Inventory usually forms a high percentage of manufacturing firms current asset base, with the high magnitude of inventory in a firm&rsquo;s balance sheet and the associated advantage to a firm with its misstatement it is quite likely that at times a firm may deliberately misstate inventory. Thus as a reader of financial reports it is important to know what are the disclosure or reporting requirements of various Indian accounting standards.</span></b>< /> <b><span lang="EN-IN" style="font-size: 10pt; line-height: 115%; font-family: &quot;Times New Roman&quot;, serif;">< clear="all" style="page-eak-before:auto;mso-eak-type:section-eak" /> </span></b></p> <div class="WordSection2"> <p class="MsoNormal" style="margin-bottom:0in;margin-bottom:.0001pt;text-align:&#10;justify;text-justify:inter-ideograph"><b><span lang="EN-IN" style="font-size: 10pt; line-height: 115%; font-family: &quot;Times New Roman&quot;, serif;">&nbsp;</span></b></p> <p class="MsoNormal" style="margin-bottom:0in;margin-bottom:.0001pt;text-align:&#10;justify;text-justify:inter-ideograph"><b><span lang="EN-IN" style="font-size: 10pt; line-height: 115%; font-family: &quot;Times New Roman&quot;, serif;">&nbsp;</span></b></p> </div> <p><b><span lang="EN-IN" style="font-size: 10pt; line-height: 115%; font-family: &quot;Times New Roman&quot;, serif;">< clear="all" style="page-eak-before:always;mso-eak-type:section-eak" /> </span></b></p>