Question

There are many forms of inventory that are not covered under the basic accounting standards for inventory:
Instructions
For each of the following forms of inventory, briefly explain how the inventory would be reported and where guidance would be found under ASPE and IFRS. Explain the impact on the balance sheet and the income statements that would result.
(a) Securities held by an investment company
(b) Unbilled work in progress for a legal firm (that is, employee and partner time spent on client work not yet billed)
(c) Milk from dairy cattle
(d) Sheep that are kept for wool production
(e) Construction contracts in progress
(f) Nickel resources not yet mined


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  • CreatedSeptember 18, 2015
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