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😊
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.
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.
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?
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 Ms Silvia for your superb and straight to the point summary of IFRSs, you really helped me especially as I prepare to take my ACCA SBR exam
How was your exam ?
Mam your all videos are extremely good.
Thanks Silvia, this is helpful for my upcoming SBR exam (strange that they assess this!). I love your voice, you should narrate audio books! 😂
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😊
thank you this helped alot for my essay
Bravo!
You made my account easy at university❤️
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.
@@CPDbox I am holding some to sell and some for egg production
Hi
What is subsequent measurement of agricultural produce after the harvest? Is it measured at fair value less cost to sell at every year end ?
Well, it becomes inventories under IAS 2 after the harvest, so at lower of cost (that is, FV at the point of harvest) and net realisable value.
mam very understandable ..god bless you
Will the produce include eggs in the case of poultry farming? In pratical terms how do you recognise the accounting entries for eggs produced?
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.
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?
Thanks for the video.
if bearer plants are considered as IAS 16, are bearer animals who produce agricultural produce (cows,goats etc) treated as IAS 16
No, bearer animals are not under IAS 16, but under IAS 41. IAS 16 specifically speaks only about bearer PLANTS, not animals.
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
The textbook is correct.
nice video
Thanks, very informative
Is initial gain in biological assets realized or unrealized?
Realized, if you meant to ask whether it is recognized in profit or loss.
👍👍 thank you
Great stuff here...
would you give me ppt?
😍