Objective, Scope & Definition - Ind AS - Indian Accounting Standards - Companies Law

..... CY profits as well as asset value in the Balance Sheet. Scope This Standard applies to all inventories, except: Financial Instruments (If any contract satisfies financial asset or financial liability definition it should be dealt by Ind AS 32, Financial Instruments: Presentation and Ind AS 109, Financial Instruments and ); and Biological Assets (ie living animals or plants) related to agricultural activity and agricultural produce at the point of harvest (See Ind AS 41, Agriculture). This S .....

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Objective, Scope & Definition - Ind AS - Indian Accounting Standards - Companies Law

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..... a forward contract or a government guarantee, or when an active market exists and there is a negligible risk of failure to sell. These inventories are excluded from only the measurement requirements of this Standard. Broker-traders are those who buy or sell commodities for others or on their own account. The inventories are principally acquired with the purpose of selling in the near future and generating a profit from fluctuations in price or broker-traders margin. When these inventories are .....

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Objective, Scope & Definition - Ind AS - Indian Accounting Standards - Companies Law

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