About this document
IAS 41: Accounting for Biological Assets by NCecho is a document available to read on EtoBox.
IAS 41 prescribes the accounting treatment for agricultural activity, which involves managing the biological transformation of living animals and plants for sale or further biological transformation. It requires biological assets to be measured at fair value less costs to sell, except when fair value cannot be reliably measured, in which case they are measured at cost. Any gains or losses from changes in fair value are recognized in current income. The standard was recently amended to exclude bearer plants,
- Author
- NCecho
- Language
- EN