Explain the circumstances under which an entity should recognize a biological asset or agricultural produce in the context of International Accounting Standard (IAS) 41, Agriculture.

      

Explain the circumstances under which an entity should recognize a biological asset or agricultural produce in the context of International Accounting Standard (IAS) 41, Agriculture.

Answers


Wilfred
1. An entity controls the asset as a result of past events.
2. It is probable that future economic benefits associated with the asset will flow to the entity.
3. The fair value or cost of the asset can be measured reliably
Wilfykil answered the question on February 11, 2019 at 08:10


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