NAccounting standard

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73 Points Posted on 03 May 2021
please tell the reason why As 2 is not applicable to
livestock, agricultural products, minerals, ores and
wip of service providers
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On 03 May 2021 at 08:49 Report
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Quick Summary
This discussion clarifies the inapplicability of Accounting Standard AS 2 to specific items like livestock, agricultural products, minerals, and work-in-progress (WIP) for service providers. It highlights that IndAS 41 governs agricultural products and livestock, while WIP for service providers falls under different standards such as AS 9 (Revenue Recognition) or IndAS 115.

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Chartered Accountant
24588 Points Posted on 03 May 2021
In case of livestock, agricultural products, minerals etc. IndAs 41 will be applicable
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On 03 May 2021 at 09:28
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73 Points Posted on 03 May 2021
What about wip of service providers?
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On 03 May 2021 at 12:51
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CMA
13117 Points Posted on 03 May 2021

AS2 is not applicable on WIP for service providers

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On 03 May 2021 at 12:56
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73 Points Posted on 03 May 2021
Actually I want to know why ?
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On 03 May 2021 at 13:01
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CMA
13117 Points Posted on 03 May 2021

I think because a specific standard is set in respect of the same (AS9: Revenue recognition in respect of services)

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On 03 May 2021 at 13:27
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Chartered Accountant
24588 Points Posted on 10 May 2021
For service providers revenue will be recognised under AS 9 or IndAs 115
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On 10 May 2021 at 09:32

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