IAS 41 Agriculture Flashcards
1
Q
IAS 41 Agriculture
A
This standard is intended to apply to the following which relates to agricultural activity
* Biological assets
* Agricultural produce at the point of harvest
* Government grants related to biological assets
Initial recognition if:
* The entity controls the asset as a result of a past event.
* The future economic benefits associated with the asset will flow to the entity, and
* The cost of the asset can be reliably measured.
Initial measurement at:
* FV, less estimated point of sale costs
* Cost, if no reliable measurement of FV is available.
Subsequent measurement
* FV, less estimated point of sale costs
* Cost, less accumulated depreciation if no reliable measurement of FV is available.
Reference: IAS 41
