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Accounting of livestock

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(Querist)
13 January 2017 Hi all,
Can anyone please guide me in accounting of livestock (cow in my case). It cannot be recorded as a Fixed asset nor as an inventory as they are specifically out of the scope of these 2 standards.

Thanks in advance!
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Sandeep Dharar

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Sandeep Dharar (Expert)
13 January 2017 They are not fixed assets but will termed similarly. In balance sheet u need to show it under current assets as live stocks.
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Meluvin

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Meluvin (Querist)
13 January 2017 Thanks! Sandeep Dharar, but can we group it under Non-Current Assets?
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Sandeep Dharar

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Sandeep Dharar (Expert)
13 January 2017 yup, in the audited Balance sheet.

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