F7 June 2015

Ok sir sorry for bothering you so much.it seems that you are the only one who replies so promptly.great work.Thank you so much again.

@mikelittle said:
How do you measure the value / volume of milk in a cow? And if you leave the assessment for another couple of hours, it will no longer be in the cow!

So a flock of sheep held for their milk (from which to make sheep milk cheese) has got three elements in its value? The animal, its coat and the milk within it? No way!

When a tree is standing, it’s a biological asset

Here’s a definition of “harvesting”

“Harvesting in general usage includes an immediate post-harvest handling, all of the actions taken immediately after removing the crop—cooling, sorting, cleaning, packing—up to the point of further on-farm processing, or shipping to the wholesale or consumer market.”

I rest my case! 🙂

Mike, I’ve reviewed the official answers from ACCA and they also treat the logs as excluded from IAS41! 😀