Hi Silvia thank you so much for the brilliant content, we in South Africa highly appreciate you, May I please request a video about SUBSTANCE OVER FORM? THANK YOU IN ADVANCE😊
I thought that cattle comes under IAS 16 as its like an asset (bearer animal) and only milk is the agricultural produce (IAS 41) but in the textbook it says cattle comes under the scope of IAS 41. Please explain
Thank you so much for this presentation. Please what happens to eggs that hatches to chicks? If egg is agricultural produce but it has now transformed to chick. How do we recognise this?
Then again, it depends on the purpose of breeding those chicks - are you holding them to sell them? Or to produce further eggs? Initially, after they hatch, you recognize them at fair value and then it depends on that purpose.
hello, what if the biological asset is a fish breeder and the new borns from it are being biologically transformed for 3 months before its harvested and sold to the wet market. should i account the newborns as inventory on date born? or as biological asset?
Yes, eggs are agricultural produce. When eggs are harvested, you should recognize them at their fair value less cost to sell. And, you should show them as inventories under IAS 2, not biological assets.
