In accordance with IAS 1 Presentation of financial statements, Issued share capital and reserves are not to be separately presented in the statement of financial position. 

Accounting Standards (i.e. AS 1~32) have been issued/ amended by the Accounting Standards Board of ICAI from time to time, to establish uniform standards for preparation of financial statements, in accordance with generally accepted accounting practices (GAAP) in India and for better understanding of the users.

Added Value can  be defined as the difference between a particular product's final selling price and the direct and indirect input used in making that particular product.This will effect the market value and help in more customer recognition.

Matching revenue-Income measurement

Historical cost is a measure of value used in accounting in which the price of of stock on the balance sheet is based on its nominal or original cost when acquired by the company.

As per AS-2, Valuation of inventories (stock-in-trade) prescribed the accounting treatment for inventories and sets the guidance to determine the value at which the inventories are carried in the financial statement. 

Net realisable value is the estimated selling price in the ordinary course of business less the estimated costs. 

The cost of inventories should comprise all costs of purchase, Costs of conversion and other costs incurred in bringing  the inventories to their present location and condition. 

As per AS-2, "Inventories should be valued at the lower of cost and net realisable value."

The primary objective of accounting standards are:

Indian accounting standards is the accounting standard adopted by companies in India and issued under the supervision of accounting standard board (ASB) which was constituted as a body in the year 1977. 

When a fixed asset is acquired in exchange for another asset, its cost is usually determined by reference to the net book value. Net book value of the asset given up is the cost less depreciation. 

Revenues from service transactions, is usually recognised by a method known as proportionate completion method. Proportionate completion method is a method where the revenues or costs of service are recorded as a percentage of work completed. 

An expenditure incurred relating to fixed asset resulting in increase in capacity of the asset should be added to the gross book value of asset. They are not charged to P & L because they are expected to provide value and can be consumed over a period of time. 

The term 'Inventory' includes any tangible item held for sale and for consumption in production of goods/services for sale. 

AS-9 deals with the bases for recognition of revenue in the statement of profit and loss of an enterprise. The Standard is concerned with the recognition of revenue arising in the course of the ordinary activities of the enterprise from: 

As per AS-2, Valuation of inventories prescribed the accounting treatment for inventories and sets the guidance to determine the value at which the inventories are carried in the financial statement. 

As per AS-2, Valuation of inventories prescribed the accounting treatment for inventories and sets the guidance to determine the value at which the inventories are carried in the financial statement. 

AS-6 deals with depreciation on fixed assets hence, depreciable assets are revalued, then depreciation amount should be based on revalued amount of the asset. 

Accounting standard-6, relating to depreciation is not applicable to the following items to which special considerations apply:

AS-6 deals with depreciation of the tangible asset. Hence, only the historical cost, accumulated depreciation on the asset and total depreciation for the period for each class of asset will be recorded. Depreciable value of asset is not to be disclosed according to AS-6.

Net realisable value  is the estimated selling price in the ordinary course of business less the estimates costs. The cost of inventories should comprise all costs of purchase, Costs of conversion and other costs incurred in bringing the inventories to their present location and condition. 

Accounting Standard-6 deals with depreciation accounting and applies to all depreciable assets, except the following items to which special considerations apply:—

Accounting Standards issued by the Institute of Chartered Accountancy of India are issued for better presentation of books of account and to ensure that they show a true and fair view. They are recommended for the used by company listed on a recognised stock exchange. 

The following information should be disclosed in the financial statements: 

Accounting standard - 10 (Property, plant and equipment - updated) deals with all the fixed assets like goodwill, patent, trademarks, machinery etc. It does not deal with live stock as it is a (inventory) Current asset and not a fixed asset. 

Initial delivery and handling costa and trade discounts are capitalized along with the purchase price of the fixed assets. 

Net Book Value is the value of fixed assets after deducting the accumulated depreciation, and accumulated impairment expenses from original cost of fixed assets. Accumulated depreciation expenses are the total depreciation expenses of assets from the beginning to the reporting date.

Accounting Standard-6 issued by The Institute of Chartered Accountants of India (ICAI) defines depreciation as “a measure of the wearing out, consumption or other loss of value of depreciable asset arising from use, effluxion of time or obsolescence through technology and market-change. 

Accounting standard - 10 (Property, plat and equipment - updated) deals with all the fixed assets like goodwill, patent, trademarks, machinery, land etc. It deals with fixed assets in which the enterprise has invested into. In the given question AS - 10 deals with Land. 

Gross book value of a fixed asset is its historical cost or other amount substituted for historical cost in the books of account or financial statements. When this amount is shown net of accumulated depreciation, it is termed as net book value.

Traditional method of book-keeping is known conventional system of accounting. It is the oldest form of book keeping and usually is suitable for the small business firms. It focuses more on decision making, timeliness etc. 

Accounting standards are written statements of uniform accounting rules and guidelines or practices for preparing the uniform and consistent financial statements and for other disclosures affecting the user of accounting information. The Institute of Chartered Accountants of India, (ICAI), which is the regulatory body for standardization of accounting policies of the country has issued Accounting Standards which are expected to be uniformly adhered to, in order to bring consistency in the accounting profession.

Main objective of accounting standards is to make financial statement more meaningful and comparable. Accounting standards provides a standards set of accounting policies, procedures, valuation methods and disclosure requirements on the basis of which financial statements are prepared.

The limitations of accounting standards are that they may lead to rigidity, they cannot override the statute and difference is accounting standards are bound to be there due to difference in tradition and legal system in different countries. 

Accounting standards set to make financial statement more meaningful and comparable. Accounting standards provides a standards set of accounting policies, procedures, valuation methods and disclosure requirements on the basis of which financial statements are prepared.

The disadvantage of accounting standard involves the inflexible framework the firm must comply with. Each firm face different experience while preparing financial statement. It facilitate the comparison of non comparable accounts.

The basic objective of accounting standards set to make financial statement more meaningful and comparable. Accounting standards provides a standards set of accounting policies, procedures, valuation methods and disclosure requirements on the basis of which financial statements are prepared.

In India, Standards of Accounting is issued by the Institute of Chartered Accountants of India (ICAI). 

The Council of the Institute of Chartered Accountants of India constituted Accounting Standards Board (ASB) on 21st April, 1977 recognising the need for Accounting Standards in India.

The Council of the Institute of Chartered Accountants of India has so far issued thirty two accounting standards.

Recognizing the need to have a common platform for diversified accounting policies and practices in India and keeping in view the International development, the Institute of Chartered Accountants of India has set up a governing body i.e. Accounting Standard Board in 1977. 

Accounting is based on the certain principles which are known as Generally Accepted Accounting Principles. These are applicable to all kind of ownership.

Indian Accounting Standards issued by the the Institute of Chartered Accountants of India are followed by the Indian companies. This is governed by Accounting Standard Board which was set up in 1977.

The Institute of Chartered Accountants of India has issued various accounting standards. It is mandatory for all the companies to follow these.

Consistency is the basic assumption and it is assumed that various policies or methods adopted by the firm while preparing the financial statement are consistent from one period to another. However, different firms may follow the different accounting policies on depreciation, investment valuation or inventory valuation.

Consistency is the basic assumption and it is assumed that various policies or methods adopted by the firm while preparing the financial statement are consistent from one period to another. 

Financial statement must be prepared with a true and fair view. All the relevant information which is of the interest of the owner, investors, creditors should be fully disclosed. All the significant policies should also be disclosed.  

According to AS 2 inventory means tangible property held for sale in the ordinary course of business or in the process of production of such goods or in the production of goods or services for sale including maintenance supplies and consumables other than machinery spares.

As per AS-2, Valuation of inventories prescribed the accounting treatment for inventories and sets the guidance to determine the value at which the inventories are carried in the financial statement. 

Net realisable value is the estimated selling price in the ordinary course of business less the estimated costs. 

The cost of inventories should comprise all costs of purchase, Costs of conversion and other costs incurred in bringing  the inventories to their present location and condition. 

Hence, it does not include any of the items given in the options.

According to AS - 2 financial statements should disclose the accounting policies adopted in measuring inventories, including the cost formula and the total carrying amount of inventories and classification appropriate to the enterprise.

As per AS-2, Valuation of inventories prescribed the accounting treatment for inventories and sets the guidance to determine the value at which the inventories are carried in the financial statement. 

Net realisable value is the estimated selling price in the ordinary course of business less the estimated costs. 

The cost of inventories should comprise all costs of purchase, Costs of conversion and other costs incurred in bringing  the inventories to their present location and condition. 

As per AS-2, "Inventories should be valued at the lower of cost and net realisable value."

As per AS-2, Valuation of inventories prescribed the accounting treatment for inventories and sets the guidance to determine the value at which the inventories are carried in the financial statement. 

Net realisable value is the estimated selling price in the ordinary course of business less the estimated costs. 

The cost of inventories should comprise all costs of purchase, Costs of conversion and other costs incurred in bringing  the inventories to their present location and condition. 

As per AS-2, "Inventories should be valued at the lower of cost and net realisable value."

As per AS-2, Valuation of inventories prescribed the accounting treatment for inventories and sets the guidance to determine the value at which the inventories are carried in the financial statement. 

Net realisable value is the estimated selling price in the ordinary course of business less the estimated costs. 

The cost of inventories should comprise all costs of purchase, Costs of conversion and other costs incurred in bringing  the inventories to their present location and condition. 

When we say that inventory is to be valued at cost or market price whichever is less. The Term "market" means Net realizable value. By net realizable value we mean the realizable amount of the asset that will be realized when the asset is sold. 

In India, Standards of Accounting is issued by the Institute of Chartered Accountants of India (ICAI). The Council of the Institute of Chartered Accountants of India constituted Accounting Standards Board (ASB) on 21st April, 1977 recognising the need for Accounting Standards in India.

The Council of the Institute of Chartered Accountants of India has so far issued thirty two accounting standards.

As per AS-2, Valuation of inventories prescribed the accounting treatment for inventories and sets the guidance to determine the value at which the inventories are carried in the financial statement. 

Net realisable value is the estimated selling price in the ordinary course of business less the estimated costs. 

The cost of inventories should comprise all costs of purchase, Costs of conversion and other costs incurred in bringing  the inventories to their present location and condition. 

As per AS-2, Valuation of inventories prescribed the accounting treatment for inventories and sets the guidance to determine the value at which the inventories are carried in the financial statement. 

Net realisable value is the estimated selling price in the ordinary course of business less the estimated costs. 

The cost of inventories should comprise all costs of purchase, Costs of conversion and other costs incurred in bringing  the inventories to their present location and condition. 

Hence, as per AS-2, "Inventories should be valued at the lower of cost and net realisable value."

In India, Standards of Accounting is issued by the Institute of Chartered Accountants of India (ICAI). 

The Council of the Institute of Chartered Accountants of India constituted Accounting Standards Board (ASB) on 21st April, 1977 recognising the need for Accounting Standards in India.

The Council of the Institute of Chartered Accountants of India has so far issued thirty two accounting standards.

The Institute of Chartered Accountants of India (ICAI) constituted the Accounting Standards Board (ASB) on 21st April, 1977 ) to harmonise the diverse accounting policies and practices in use in India. ASB of the ICAI has been issuing accounting standards. 

Since then, it has issued 32 Accounting Standards.

As per AS-2, Valuation of inventories prescribed the accounting treatment for inventories and sets the guidance to determine the value at which the inventories are carried in the financial statement. 

Net realisable value is the estimated selling price in the ordinary course of business less the estimated costs. 

The cost of inventories should comprise all costs of purchase, Costs of conversion and other costs incurred in bringing  the inventories to their present location and condition. 

As per AS-2, "Inventories should be valued at the lower of cost and net realisable value."

As per AS-2, Valuation of inventories prescribed the accounting treatment for inventories and sets the guidance to determine the value at which the inventories are carried in the financial statement. 

Net realisable value is the estimated selling price in the ordinary course of business less the estimated costs. 

The cost of inventories should comprise all costs of purchase, costs of conversion and other costs incurred in bringing  the inventories to their present location and condition. 

As per AS-2, "Inventories should be valued at the lower of cost and net realisable value."

The Council of the Institute of Chartered Accountants of India constituted Accounting Standards Board (ASB) on 21st April, 1977 recognising the need for Accounting Standards in India.

In India, Standards of Accounting is issued by the Institute of Chartered Accountants of India (ICAI). 

The Institute of Chartered Accountants of India (ICAI) constituted the Accounting Standards Board (ASB) on 21st April, 1977 ) to harmonise the diverse accounting policies and practices in use in India. ASB of the ICAI has been issuing accounting standards.

Since then, it has issued 32 Accounting Standards so far, out of which 29 are notified by Central Government.

The Institute of Chartered Accountants of India (ICAI) constituted the Accounting Standards Board (ASB) on 21st April, 1977 ) to harmonise the diverse accounting policies and practices in use in India. 

ASB of the ICAI has been issuing accounting standards since then. It has issued 32 Accounting Standards so far.

The Institute of Chartered Accountants of India (ICAI) constituted the Accounting Standards Board (ASB) on 21st April, 1977 ) to harmonise the diverse accounting policies and practices in use in India. 

ASB of the ICAI has been issuing accounting standards.

Since then, it has issued 32 Accounting Standards so far.

Accounting standards are rules and guidelines set up by the governing bodies, to keep accounting practices consistent and understandable across all companies and industries. 

The Institute of Chartered Accountants of India has formed Accounting Standards which are mandatory for all the body corporate.