IAS 41 Flashcards
1
Q
What are biological assets?
A
Living animals or plants
2
Q
What is agricultural produce?
A
Harvested product of an entity’s biological assets
3
Q
How are biological assets recognised?
A
Probable future economic benefit
Can be measured reliably
Entity controls asset as a result of past event
4
Q
What happens after harvest?
A
Asset is measured at lower of NRV and cost at IAS 2
5
Q
How are biological assets measured?
A
Fair value - costs to sell
6
Q
What are costs to sell?
A
Incremental costs directly attributable to disposal of the asset
7
Q
What happens with fair value less costs to sellbefore harvest?
A
Becomes the cost under IAS 2
8
Q
What is fair value?
A
Price that is received to sell the asset
9
Q
What are costs to sell?
A
Incremental costs directly attributable to disposal of asset
