Accounting · Accounting Standards

Consider the following statements regarding the measurement and valuation of assets under Indian Accounting Standards (AS): Statement 1: Under the provisions of AS 10, the systematic allocation of the depreciable amount of Property, Plant and Equipment over its useful life must be reviewed at least at each financial year-end. Statement 2: According to the framework of AS 2, Net Realisable Value (NRV) is defined as the estimated selling price in the ordinary course of business plus the estimated costs of completion and the estimated costs necessary to make the sale.