Which statement is not correct?
A)Accounting for biological assets is covered by the requirements of IAS 41.
B)Biological assets include grapes, milk, wine, cheese and lumber.
C)End of processing activities are covered under the requirements of IAS 18.
D)Post harvesting processing activities are covered under the requirements of IAS 2.

Question

Quizplus · Accepted Answer

Biological assets, as defined by IAS 41, include living animals or plants (e.g., grapes, milk-producing livestock, trees in a forest). Wine and cheese, however, are products derived from biological assets and are not considered biological assets themselves; they are inventory and would be accounted for under IAS 2 or another relevant standard after the processing has occurred.

Which Statement Is Not Correct