ACC 703 Lecture Notes - Retained Earnings, Cash Flow, Reforestation
3 Dec 2012
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Biological assets categorized in separate category in balance sheet (bs: biological assets could be raw materials before any processing. E. g. trees still in the ground, animals running around in the forest: grow, change and recorded differently. Recorded into income statement (is) as the assets grow: valued by fv less costs to sell, regular method to record prop, plant and equip: Historical cost less accumulated amortization, then would check for impairment. Revaluation method is alternative method for land. This is where revaluation reserves would be created. Recognize users, objectives, issues to tackle, alternatives. Read accounting notes to the financial statements to get started. Use plan out an outline, never state my role is . Use discretion when deciding what to disclose, and what methods to use. Even though many issues in case, focus on the most important issues at hand. Large japanese company has expressed interest also company will be able to compare financial statements.
