[belesarius]

I chose the answers 4, 5 and 6.

Thank you anyway, this discussion enlightened me a bit in this IAS Standard.

[belesarius]

Thank you very much for your quick reply!

I understand now why the wine should be concidered.

The Question initially asked by hameeda90 are copied from the Deloitte IFRS online trainer.

I did it now by myself and I have to tag answers 4-6 as true to past the test with 100%.

I have googled it again and found following explanation about the lumbers on a PWC pdf file describing the IAS41:

“1.12 Is the produce or harvest from a biological asset another biological asset?
No. The produce or harvest from a biological asset (for example, milk, tea leaves and
lumber) is inventory. The harvested produce is transferred to inventory at fair value
less costs to sell; it is thereafter accounted for in accordance with IAS 2, ‘Inventories’.
However, while the produce is still growing or still attached to the biological asset, its
value forms part of the value of the biological asset.”

The document is from 2009. Did anything change in the content of IAS2/IAS41 since 2009 which would explain the difference in the answers?

Thank you

Elmer

[belesarius]

Dear All

Thank you. But why does ‘4. Maturing wine in the cellars of a wine producer’ apply to IAS2? Isn’t it an agricultural product as well? Same as Lumbers?

Thank you
Elmer

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