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IAS 41 – NCA

Forums › Ask ACCA Tutor Forums › Ask the Tutor ACCA AAA Exams › IAS 41 – NCA

  • This topic has 1 reply, 2 voices, and was last updated 10 years ago by MikeLittle.
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  • December 1, 2014 at 7:21 am #214954
    SalahUddin
    Member
    • Topics: 31
    • Replies: 135
    • ☆☆

    I run a business of selling cows. I have many new-born cows which i want to sell when they become adult.

    Question:-
    Assume I have 10 new-born cows (for simplicity) which are going to become adult after 2 years which then i will sell. I will not take any other use from them.

    Will these cows be Inventory or will they be Non Current Assets?

    December 1, 2014 at 10:25 am #215062
    MikeLittle
    Keymaster
    • Topics: 27
    • Replies: 23334
    • ☆☆☆☆☆

    From the course notes:

    “measurement

    • on initial recognition and on subsequent reporting dates, biological assets should be measured at fair value less estimated costs to sell, unless….

    • ….. fair value cannot be reliably measured

    • any gain on initial recognition of biological assets at fair value less costs to sell, and any changes during a period in fair value less costs to sell of biological assets are reported in the statement of profit or loss”

    OK?

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