Accounting of livestock

This query is : Resolved 

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!

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.

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

13 January 2017 yup, in the audited Balance sheet.


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