Section EB 12 — Income Tax Act 2007: Valuing closing stock consistently

EB 12 Valuing closing stock consistently In determining the value of closing stock at cost, discounted selling price, or replacement price, a person must comply with the consistency and disclosure requirements of NZIAS 8 or an equivalent standard issued in its place. Defined in this Act: closing stock , cost , NZIAS 8 Compare: 2004 No 35 s EB 12 Section EB 12: amended, on 1 April 2008, by section 351(1) of the Taxation (Business Taxation and Remedial Matters) Act 2007 (2007 No 109). Section EB 12 list of defined terms NZIAS 8 : inserted, on 1 April 2008, by section 351(2) of the Taxation (Business Taxation and Remedial Matters) Act 2007 (2007 No 109).