Agriculture Flashcards
1
Q
What is an agriculture Produce
A
Harvested from an entity’s biological assets
2
Q
What is a biological asset
A
Living animal or plant
3
Q
Recognition Criteria for agriculture
A
An entity controls the asset as a result of past events
The probable inflow of economic benefit
FV or cost of the asset can be measured reliably
4
Q
Measurement of biological assets
A
FV - Cost to sell, if FV is unavailable then measure at the cost
5
Q
Measurement of Agriculture Produce
A
FV - Cost to sell at harvest
