Inventory Valuation Accounting Standard is a set of guidelines that businesses use to value their inventory. This helps businesses maintain compliant financial records and accurately reflect their true financial position. Inventory Valuation Accounting Standard sets out the ways in which businesses should evaluate the cost of their stock, including appraisal techniques like specific identification and last-in, first-out (LIFO). By using this standard, companies can calculate the value of their inventory accurately and efficiently while ensuring they adhere to industry standards.