Hi. I wanted to know how Tea Gardens and othe agricultural companies value their stock. For example how is the cost of stock of Tea Leaf determined? The NRV is definitely the market price of the Tea leaf of that grade and quality. But how is cost determined?
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Valuation of agricultural produce
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all the cost attributable to it are aggregated
AS-2 is not applicable on agricultural produce...........coz its impracticable to calculate its cost.
Real property is reappraised by the assessor's office every odd numbered year. The value determined by the assessor for the year of reappraisal is generally used for the intervening year also. The actual value of real property is based on its value as of the appraisal date that is June 30 of the year prior to the reappraisal year. June 30, 2008 is the appraisal date for valuation for tax years 2009 and 2010.
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benjonson
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