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Sir
The way we include raw materials storage cost in inventory
Do we include the storage cost of wip in inventory or expense it to p/l?Also orher doubts:
Kindly tell me whether the following are change in acc estimate or policy
1)change in depreciation percentage
2)inventory to be lower of cost and nrvAll storage costs, including those related to WIP would form the cost of inventory.
Neither of the scenarios are changes in accounting policy. In the first scenario the policy is to depreciate so all we are doing is changing the accounting estimate. The second is merely applying the rules of IAS 2.
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