There are many forms of inventory that are not covered under the basic accounting standards for inventory:

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 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
Balance Sheet
Balance sheet is a statement of the financial position of a business that list all the assets, liabilities, and owner’s equity and shareholder’s equity at a particular point of time. A balance sheet is also called as a “statement of financial...