19. The biological assets of an SME is measured using a. The fair value model for those biological assets for which fair value is readily determinable without undue cost or effort. b. The cost model for those biological assets for which fair value is not readily determinable without undue cost or effort. c. a or b d. The biological assets classification is not applicable to SMEs.

19. The biological assets of an SME is measured using a. The fair value model for those biological assets for which fair value is readily determinable without undue cost or effort. b. The cost model for those biological assets for which fair value is not readily determinable without undue cost or effort. c. a or b d. The biological assets classification is not applicable to SMEs.

Cornerstones of Financial Accounting

4th Edition

ISBN:9781337690881

Author:Jay Rich, Jeff Jones

Publisher:Jay Rich, Jeff Jones

Chapter7: Operating Assets

Section: Chapter Questions

Problem 15DQ

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Question

19. The biological assets of an SME is measured using

a. The fair value model for those biological assets for which fair value is readily determinable without undue cost or effort.

b. The cost model for those biological assets for which fair value is not readily determinable without undue cost or effort.

c. a or b

d. The biological assets classification is not applicable to SMEs.

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