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Biological assets

Forums › Ask ACCA Tutor Forums › Ask the Tutor ACCA FR Exams › Biological assets

  • This topic has 1 reply, 2 voices, and was last updated 10 months ago by P2-D2.
Viewing 2 posts - 1 through 2 (of 2 total)
  • Author
    Posts
  • April 1, 2022 at 4:53 pm #652530
    diyorbek
    Participant
    • Topics: 4
    • Replies: 3
    • ☆

    A herd of five 4 year-old pigs was held on 1 January 20X3. On 1 July
    20X3 a 4.5 year-old pig was purchased for $212.
    The fair values less estimated point of sale costs were:
    4 year-old pig at 1 January 20X3 $200
    4.5 year-old pig at 1 July 20X3 $212
    5 year-old pig at 31 December 20X3 $230

    From this we are making gain of 168. is this amount taxed this year?
    Assume tax rate is 20%
    tax charge=168*0.2=33.6

    Or will it be taxed like when we disposal it in later years?

    April 3, 2022 at 4:26 pm #652641
    P2-D2
    Keymaster
    • Topics: 4
    • Replies: 6443
    • ☆☆☆☆☆

    Hi,

    I’m no tax expert but I imagine the the tax will be incurred when the asset is sold. If this is the case then there might be a deferred tax impact as the carrying amount will be different to the tax base.

    Thanks

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