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Which Accounting Standard was revised to align with corresponding Ind AS for inventory valuation?
AAS 1
BAS 2
CAS 6
DAS 13
Answer & Solution
Correct answer: B. AS 2
1. Step 1: Per Ch 1, AS 2 (Valuation of Inventories) was revised for alignment with Ind AS 2.
2. Step 2: The 2016 rules carried this revision through.
3. Step 3: Hence (B).
_Source: ICAI BoS CA Inter Paper 1, Ch 3 "Applicability of Accounting Standards"_