Ashish kumar (Industrial Training In BHEL) 07 January 2016
AS-10 is for ACCOUNTING FOR FIXED ASSETS, not for definition of fixed asset. So, as per AS-10 any provision of this AS does not deal with livestock. It doesn't mean that livestock is not considered as fixed assets.
So, Livestock is fixed asset.
AS-6 doesn't deal with depreciation of Livestock. so, no depreciation should be charged on livestock. However, in case of death of livestock deduct that value from the total value of livestock.
subhash (TAX CONSULTANT) 13 March 2016
REGARDING LIVE STOCK
IF 'A' PURCHASED BUFFALOWS FOR HIS MILK BUSINESS , IT IS TO BE CONSIDERED AS FIXED ASSET (LIVE) AND , AND DEPRECIATE THE VALUE @ 20% .
SO THAT IF 'A' SOLD BUFFALO AFTER 2 YEARS OR DEATH OF BUFFALO , PROFIT & LOSS ACCOUNT NOT AFFECTED HEAVILY.
IS IT CORRECT ?
K.P.Rajashekar (CA Business) 12 October 2016
Pls click this link - monograph on accounting for livestock
Amarnath Vinayaka Rao 06 April 2017
I agree with you as well with Mr Satvir Singh that Live stock is an ASSET. Now coming to valuation of the same we follow revaluation method(i.e) CURRENT SET OF LIVE STOCKS ARE REVALUED at the end of every financial year.
Please send me some clear workings with example under different scenarios.
M Venkat (CA finalist) 18 January 2021
Indian Accounting Standards 41 – Agriculture (Ind AS 41) has introduced the concept of biological assets where a biological asset is defined to be a living animal or plant, and includes produce growing on bearer plants