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As 2

Financial Reporting

When we say this item is scrap sir . Is there any definition for scrap like inventory we have Video Details ------------- Ind AS - CA Final Ind AS 2 Inventories #20. Illustration 8 & 9: Inventory criteria & Discount

HEMAVATHYSUBRAMANI SUBRAMANI

CA Final

★ 3K+

22-Feb-24 21:28

166

Answers (5)

No specific definition. Think of scrap as something which is not useful.

CA Suraj Lakhotia

Admin

23-Feb-24 09:04

Sir I'm not getting related to carrying amount . Carrying value is wdv only know. Wdv will be cost r nrv which ever is lower right sir

Thread Starter

HEMAVATHYSUBRAMANI SUBRAMANI

CA Final

★ 3K+

23-Feb-24 18:54

Carrying amount means the amount at which it is shown in the books or closing balance.

CA Suraj Lakhotia

Admin

23-Feb-24 18:58

as empty bottles are not scrap and valued as per as-2, i.e cost or NRV which ever is lower... what is the cost of empty bottle sir, is it assumed that NRV is the value of inventory and equal to cost

suresh khannanl

CA Final

★ 2K+

23-Feb-25 19:21

suresh khannanl

as empty bottles are not scrap and valued as per as-2, i.e cost or NRV which ever is lower... what is the cost of empty bottle sir, is it assumed that NRV is the value of inventory and equal to cost

Generally we would estimate the cost of bottles. Else NRV can be considered as an approximation.

CA Suraj Lakhotia

Admin

24-Feb-25 10:07

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