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Kush Sanghadia
by Kush Sanghadia , Article Executive, Audit Executive , Kumar and Giri Chartered Accountants

Accounting based on fair values of various current assets. 

For Ex: Values of Inventories keep changing on a daily basis. So at the year end, according to the company's policy, they value such assets on the basis of fair values (market value, realizable value etc.) for better presentation.

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