Entity a had a plantation forest that is likely to be, Ask an Expert

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Entity A had a plantation forest that is likely to be harvested and sold in 30 years. The income should be accounted for in the following way:

(a) No income should be reported until first harvest and sale in 30 years.

(b) Income should be measured annually and reported using a fair value approach that recognizes and measures biological growth.

(d) The plantation forest should be valued every 5 years and the increase in value should be shown in the statement of recognized gains and losses.

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Accounting Basics, Accounting

Category:- Accounting Basics
Reference No.:- M91947505

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