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HIL Ltd. was making provision for non moving stocks based on no issues having...

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Accounting

HIL Ltd. was making provision for non moving stocks based on no issues having occurred for the last 12 months upto 31.03.2017. The company now wants to make provision based on technical evaluation during the year ending 31.03.2018. Total value of stock $ 120 Provision required based on technical evaluation $ 3.00 Provision required based on 12 months no issue $4.00 You are required to discuss the following points in the light of Accounting Standard (AS) 1: (i) Does this amount to change in accounting policy? (ii) Can the company change the method of accounting?

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