Kevin Bernhardt, a Farm Management Specialist at University of Wisconsin Extension, writes at Progressive Dairy about the challenges many of us face when looking at our balance sheets. He especially focuses on the challenges in determining the value of assets:
Cash is easy: $100 of cash is a $100 asset value. However, what is the reasonable, accurate and consistent value for the 10,000 bushels of stored grain, the bunker full of corn silage, feeder cattle, raised breeding livestock, a tractor, land or an open hedge position?
Read the whole article to learn more about how to meet those challenges in your own accounting with help from FFSC recommendations.
