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ACCA FR Chapter 10 Agriculture (IAS 41) Questions

VIVA

Reader Interactions

Comments

  1. Nitya@Sri says

    December 28, 2024 at 10:37 am

    hi,
    wouldn’t the asnwer for Ques 2 be *option 3* rather than *option 4* as the grape vine has survived four genarations and that the entire vine did not have to be harvested for deriving grapes??

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  2. jatingupta@2097 says

    October 9, 2021 at 1:53 pm

    Hi,
    Can someone please tell me why haven’t the 3,000 Ls of milk(Q1.) and 4,000 tons of grapes(Q2.) were not considered as the answer as they are the agricultural produce from the cows and grapevines?
    Many Thanks

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    • trangv says

      January 9, 2022 at 6:57 pm

      I think it is because they are already the final products that can not be used in the production or supply of other agricultural produce

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    • S4M101 says

      August 17, 2022 at 4:37 pm

      Because they are final agricultural products held in the werehouse for further processing and therefore valued under inventory IAS 2, not IAS 41.

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  3. joyclauds says

    March 5, 2020 at 3:10 am

    I guess the choices were not edited in accordance with the amended standards.

    Grape vine should be under PPE…

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  4. rumbidzaimudoti says

    March 4, 2020 at 1:17 pm

    Hi.
    Question 2, the answer is supposed to be the second option i.e at the point of harvest as grape vines are a bearer plant and are supposed to be accounted for in accordance to IAS 16 (Property, Plant and Equipment). The rest of the interpretation of the standard is correct- intangible assets relating to agricultural activity as well as land are outside the scope of the standard.

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  5. Anna says

    May 4, 2019 at 2:42 pm

    Hi,
    In practice question 2 on Agriculture – I guess there is no right answer as there was an amendement to IAS 41 on bearer plants which were excluded from IAS41 scope?
    Thanks

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