ICDS 2 vs. AS 2

The corresponding AS to ICDS 2 'Valuation of Inventories' is AS 2 'Valuation of Inventories'

Point of Difference

Basis	AS - 2	ICDS - 2
Valuation of inventory	Actual Cost - Standard cost method OR Retail method	Standard cost method not allowed.
Change in method of valuation	Allowed if it would result in more appropriate presentation	No change allowed until there is a reasonable cause
Opening inventory	Continuing business - value shall be same as the value of closing inventory at the end of immediately preceeding financial year. New business - value of opening inventory shall be NIL	Continuing Business - same as of AS 2 New business- value of opening inventory shall be cost of inventory available on the date of commencement of business.
Work-in-Progress	Does not include work in progress arising in the ordinary course of business of service providers	Specifies that it doesnt apply to WIP which is dealt with by other ICDS.