Except where the herd basis has been adopted, both stallions and mares should be dealt with as stock in trade and valued individually at the beginning and end of each year in accordance with relevant GAAP on the usual basis of (i) cost or net realisable value (see BIM55705), whichever is the lower, or (ii) at fair value less costs to sell where FRS 102 or IAS 41 are applied. Stock valuations should also include any foals and, where appropriate, stud fees paid (see below).

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