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why is that ias 41 is not highly examined under p7 and also under p2?let us discus it interms of auditing,how are we suppose to apply audit procedures on agriculture?let us assume we are have fully moved as world into agricultural production.
Brian! Come on!!
There’s no difference between agricultural produce and any other product … so far as auditing is concerned!
Think to the financial statements assertions:
completeness
existence
rights and obligations
accuracy and valuation
presentation and disclosureNow apply those assertions to agricultural produce (or any other agricultural asset / liability)
Whenever you find that you’re stuck with something like this, go back to basics!
OK?
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