Which of the following statements regarding the accounting treatment of agriculture is true? Question 25 options: a) Each biological asset must be measured individually under IFRS. b) Once agricultural produce is harvested and is initially measured, it becomes property, plant, and equipment accounted for under IAS 16. c) Under ASPE, a new standard specific to agriculture is effective for fiscal periods beginning on or after January 1, 2022. d) When measuring biological assets or agricultural produce under IFRS, fair value is considered the fair value when the asset is ready to be sold, not in its current condition.

Biological asset must be measured at Fair value less cost to sell in its present condition

Answered: Which of the following statements…

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

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Which of the following statements regarding the accounting treatment of agriculture is true?

Question 25 options:

a)	Each biological asset must be measured individually under IFRS.

b)	Once agricultural produce is harvested and is initially measured, it becomes property, plant, and equipment accounted for under IAS 16.

c)	Under ASPE, a new standard specific to agriculture is effective for fiscal periods beginning on or after January 1, 2022.

d)	When measuring biological assets or agricultural produce under IFRS, fair value is considered the fair value when the asset is ready to be sold, not in its current condition.

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