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The views expressed in this concept paper are of the author(s). The Institute of Chartered
Accountants of India may not necessarily subscribe to the views expressed by the author(s).
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First Edition : February, 2022
Committee/Department: Valuation Standards Board
E-mail : valuationstandards@icai.in
Website : http://www.icai.org
Price : Rs. 50 /-
Published by : The Publication Department on behalf of The Corporate Laws &
Corporate Governance Committee, The Institute of Chartered
Accountants of India, ICAI Bhawan, Post Box No. 7100,
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It is truly said that the right to practice a profession carries a duty to protect the society and
is not a privilege for the benefit of the professional. A professional often serves the society,
while he is usually paid by his client, and it is extremely important that the society’s interests
are kept above his own. Similarly, in the valuation profession the strength and efficiency of a
valuation process and in turn its outcome will remain undiluted only if the Registered Valuers
observe high standards of professional ethics.
At ICAI Registered Valuers Organisation (ICAI RVO), it is our continuous endeavour to develop
and issue various publications and papers so that the discipline of valuation is continuously
enriched, and the Registered Valuers gain global presence. In pursuit of the above objective,
ICAI RVO and the Valuation Standards Board (VSB) of ICAI have undertaken this joint initiative
and are bringing out this Concept Paper on Inventory Valuation to outline considerations for
estimating the fair value of inventory.
I am happy and appreciative of this initiative undertaken by the Valuation Standards Board
(VSB) of ICAI under the Chairmanship of CA. Anil S. Bhandari, Vice Chairman CA. M P Vijay
Kumar and I also thank my colleagues on the Board of ICAI RVO Shri Pawan Singh Tomar,
Shri Ashok Haldia, Prof. Anil Saini, CA. Nihar N. Jambusaria & CA. Prafulla P. Chhajed for their
efforts and support.
I also appreciate the efforts of Shri. Rakesh Sehgal, Managing Director ICAI RVO and CA.
Sarika Singhal, Officiating CEO ICAI RVO and Secretary, Valuation Standards Board and Ms.
S. Rita, Deputy Secretary ICAI for their significant contribution in finalisation of this Concept
Paper.
I am confident that this Concept Paper will help Registered Valuers in developing a better
understanding of the subject and drive greater efficacy in valuation activities undertaken by
them.
Date: 30th January, 2022 Rajeev