1 Learning Objectives Copyright © 2013 McGraw-Hill Ryerson Limited LO6 Describe how biological assets and agricultural produce are accounted for. LO7Describe.

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1 Learning Objectives Copyright © 2013 McGraw-Hill Ryerson Limited LO6 Describe how biological assets and agricultural produce are accounted for. LO7Describe inventory for service businesses such as accounting and law firms. LO8 Identify different types of inventory accounting errors and explain their impact on the financial statements. LO9 Discuss the relationship between inventory accounting policy and income tax. LO10 Analyze and interpret inventory information in financial statements.

2 Biological Assets and Agricultural Produce Biological assets are living animals or plants Agricultural produce is the harvested produce of biological assets IFRS has special rules Copyright © 2013 McGraw-Hill Ryerson Limited LO6

3 Biological Assets and Agricultural Produce Valued at FMV less costs to sell on balance sheet date if entity has ▫control, future economic benefits probable and fair value measured reliably Changes in FV reported on income statement At harvest, produce is valued at fair value which becomes inventory cost Copyright © 2013 McGraw-Hill Ryerson Limited LO6