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Your company has been given a strawberry farm by one of its clients on 29 June 2022. The company is currently preparing its financial statements
Your company has been given a strawberry farm by one of its clients on 29 June 2022. The company is currently preparing its financial statements for 30 June 2022.
Should the farm property be included on the statement of financial position or the statement of comprehensive income, or both? Should the company exclude the property from its financial statements?
Give reasons and references for your view.
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