AASB 141 requires that biological asset be recognised at cost until the asset is sold.

Question

Quizplus · Accepted Answer

AASB 141 requires that biological assets be initially recognized at fair value less estimated point of sale costs. Subsequently, the assets are accounted for in one of two ways: at fair value less estimated point of sale costs, or at cost less accumulated depreciation and any accumulated impairment losses. The chosen method depends on the intended use of the biological asset.

AASB 141 Requires That Biological Asset Be Recognised at Cost