Access the annual financial statements of Stora Enso Oyj for the company's year ended December 31, 2011. These are available at the company's website, www.storaenso.com. Review the information that is provided and answer the following questions about the company.
(a) What major business(es) is Stora Enso Oyj in?
(b) What type of biological assets does the company have? Identify the accounting policies disclosed in the notes to the financial statements that explain how the company accounts for these assets.
(c) What was the amount in the biological assets account at December 31, 2011, and 2010, owned directly by Stora Enso? "What caused this account balance to change from 2010 to 2011? Be specific.
(d) How is fair value of the biological assets determined? "What kinds of estimates are required to determine fair value?
(e) What was the impact on the net earnings for 2011 and 2010 related to the biological assets