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    Question

    Which accounting standard governs the treatment of

    inventories in India?
    A Ind AS 1 - Presentation of Financial Statements Correct Answer Incorrect Answer
    B Ind AS 10 - Events after the Reporting Period Correct Answer Incorrect Answer
    C Ind AS 2 - Inventories Correct Answer Incorrect Answer
    D Ind AS 16 - Property, Plant, and Equipment Correct Answer Incorrect Answer

    Solution

    Ind AS 2 - Inventories is an accounting standard in India that prescribes the treatment of inventories in financial statements. It aligns with the International Financial Reporting Standards (IFRS) and provides guidelines on how to measure, present, and disclose information about inventories in a consistent and comparable manner.

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