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On 30 June 20X1,The grapes on the vines, which
are generally harvested in August each year, had a fair value of
$500,000On 30 June 20X2, grapes with a fair value of $100,000 were harvested
early due to unusual weather conditions. The grapes left on the grape
vines had a fair value of $520,000.Since these are produce , i believe they attract IAS 41.
My confusion is on 30 Jun 20×2 what is the revalued figure for the grapes.
Is it the harvested + left on vines ( 100 + 520 ) = 620k
or is it only the ones left on vines = 520k
Both harvested and on vine must be valued
For guidance:
https://www.iasplus.com/en/standards/ias/ias41
Feel free to come back if this is a recent exam question but IAS 41 was downgraded in the syllabus some years ago.
I am studying from the latest Kaplan text.
I guess they keep the same texts and just keep updating the front page.But m satisfied with your answer that both harvested and on vine must be valued.
the text answer prescribed otherwise.
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