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Under which of the following circumstances shall an entity recognise a biological asset or agricultural produce?CorrectIncorrect
Which of the following is a right way to measure an agricultural produce harvested from an entity’s biological assets?CorrectIncorrect
An entity does not include any cash flows for financing the assets, taxation, or re-establishing biological assets after harvest.CorrectIncorrect
__________ government grant related to a biological asset measured at its fair value less costs to sell shall be recognised in profit or loss when, and only when, the government grant __________.CorrectIncorrect
If a government grant relates to a biological asset measured at its __________ less any accumulated depreciation and any accumulated impairment losses, __________.CorrectIncorrect
According to IAS 41, which of the following shall be disclosed with respect to biological assets?CorrectIncorrect
Entity Z owns a plantation. As at 31 December 20X5, a plantation consists of 150 ash trees that were planted 10 years earlier. An ash tree of this kind takes 22 years to mature, and will ultimately be processed into building material for houses or furniture. The entity’s weighted average cost of capital is 8% p.a.
Only mature trees have established fair values by reference to a quoted price in an active market. The fair value (inclusive of current transport costs to get 100 logs to market) for a mature tree of the same grade as in the plantation as at 31 December 20X5 is CU 85.
What amount shall be reported as an asset in the entity’s Z financial statement as at 31 December 20X5, assuming immaterial cash flow between now and the point of harvest?CorrectIncorrect