What wil be the accounting treatment of Livestock / biological asset for a govermental body ? (eg. Forest, fishs in a pond). How are such items valued in the books?
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Valuation of livestock
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Accounting Standard 2, which pertains to the valuation of inventories does not apply to livestock. Incase of livestock, it has to be valued at net realizable value.
It basically implies that value the livestock at the amount livestock will fetch if sold less any expenses incurred to sell it.
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