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Dear sir,
if a security company has a number Dogs which they use as part of their operation,how are they suppose to recognize these Dogs in their books?
I personally thinks,the Dogs are income generating asset but how is the security company suppose to value them, since there is no Accounting standard covering this area.Need your assistance urgently.It’s my experience that dogs which are used in security operations are not in the control of anyone except the handler. And given the fact that the handler is not under the control of the company, the dogs cannot be seen as an asset of the company because they fail the framework definition of “asset”. I suggest that the cost of the dogs and their upkeep should be expensed in the year the costs are incurred
But that’s a “woof” answer and I could well be barking up the wrong tree
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