IAS 41; Agriculture — OpenTuition Forums

HHannington6y ago

Hello F7 Tutor. Well done Sir. Some assistance on this: If a company venturing into agriculture sells some cows lets say. Which journal entries are required? Is it DR Cash with proceeds & CR SALES REVENUE with proceeds. Thanks

P2-D2Tutor6y ago#1

Hi, Thanks. You would record it as the sale of goods as per IFRS 15. IAS 41 only really deals with the initial birth and change in value of the cow prior to it being sold. Thanks

HHannington6y ago#2

Thanks Key Master

P2-D2Tutor6y ago#3

You're welcome ?

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