If a sale involves crops that are to be harvested within twelve months, identification takes place when the crops are harvested.

Name: If a sale involves crops that are to be harvested within twelve months, identification takes place when the crops are harvested.
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Question

Quizplus · Accepted Answer

According to International Financial Reporting Standards (IFRS), for crops that are expected to be harvested within twelve months, identification occurs at the point of harvest.

If a Sale Involves Crops That Are to Be Harvested