Now this is where I get confused, no COGS mentioned, but they are recognising revenue in the form of 'net gain arising from the changes in fair value of kingfish'. This is then inputted on the balance sheet as an increase in biological assets, a kind of inventory I guess. So when the fish are sold the biological asset should decrease causing an expense to the business, but where is that expense on the P&F statement? Does it come under fish husbandry expense? If someone could please clarify.
Ann: Half Yearly Report and Accounts December 2014, page-17
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