Dear Rohit Difference b/w IND AS 2 AS 2 1 Deals with the subsequent recognition of cost/carrying amount of inventories as an expense, while No such provision. 2 Provides explanation with regard to inventories of service providers. While AS 2 does not contain such an Explanation. 3 Explains that inventories do not include machinery spares which can be used only in connection with an item of fixed asset and whose use is expected to be irregular. While Does not contain specific explanation in respect of such Spares. 4 Ind AS 2 defines fair value and provides an explanation in respect of distinction between ‘net realisable value’ and ‘fair value’. While Does not contain the definition of fair value. 5 Provides detailed guidance in case of subsequent assessment of net realisable value. Also deals with the reversal of the write-down of inventories to net realisable value to the extent of the amount of original write-down, and the recognition and disclosure thereof in the financial statements While as-2 Does not deal with such reversal. 6 Excludes from its scope only the measurement of inventories held by producers of agricultural and forest products, agricultural produce after harvest, and minerals and mineral products though it provides guidance on measurement of such inventories. While as -2 Excludes from its scope such types of inventories. Any other query feel free to contact us.