Question

Which of the following statement is incorrect with respect to Valuation of Inventories?

A As per the requirement of Accounting standard, the financial statements should disclose the accounting policies adopted in measuring inventories.

B As per the requirement of Accounting standard, the financial statements should disclose the total carrying amount of inventories and it classification appropriate to the enterprise.

C Schedule III to the Companies Act 2013 requires valuation of each class of goods i.e. raw materials, work-in-progress and finished goods under broad heads to be disclosed in the financial statements.

D There is no requirement in Accounting standard that the financial statement should disclose the cost formula used in measuring inventories.

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