Under IAS 41/AASB 141 the basis for measuring biological assets is:
A) historical cost.
B) fair value less estimated point-of-sale costs.
C) replacement value.
D) estimated market value less estimated point-of-sale costs.

Question

Quizplus · Accepted Answer

Under IAS 41/AASB 141, the basis for measuring biological assets is fair value less estimated point-of-sale costs. This means that the asset should be measured based on its current market value, taking into account any estimated costs that may be incurred when selling the asset. Historical cost, replacement value, and estimated market value less estimated point-of-sale costs are not the appropriate basis for measuring biological assets under this standard.

Under IAS 41/AASB 141 the Basis for Measuring Biological Assets