Inventory is one of the most dangerous blind spots in small business accounting. Hidden among spreadsheets, missed stock counts, and inflated valuations lie the seeds of overstated profits, underpaid tax, and audit exposure. For Business Accountants in Practice, ignoring inventory means ignoring a revenue opportunity and risking your client’s financial stability. This article shows you how to clean up the stock chaos, comply with IFRS for SMEs, and turn inventory headaches into a profitable advisory service your clients will gladly pay for.

Understanding how to account for plants, animals, and farm produce is important for businesses in agriculture. IFRS for SMEs Section 34 explains how to record and report biological assets like crops and livestock and harvested products like milk or fruit. This article breaks down the key rules in simple terms, helping businesses stay compliant and manage their finances better.