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Trading stock - Do you roll out the barrel or the bottle? paper

Published on 23 May 13 by TASMANIAN DIVISION, THE TAX INSTITUTE

This paper looks at some aspects of accounting for trading stock which are particularly applicable to the alcohol industry, including:

  • at what stage in the production cycle do grapes, bulk wine and/or packaged wine become trading stock from the aspect of the grower and the winemaker?
  • do the same rules apply to the production of spirits?
  • how are the absorption cost rules to be applied for cellared wine?
  • can trade stock values be adjusted for anticipated returns, eg due to cork taint or unintended secondary fermentation?

Author profile:

Gil LEVY
Current at 04 January 2011 Click here to expand/collapse more articles by Gil LEVY.
 

 

This was presented at Tax Through the Bottom of a Glass .

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