Which of the following are reasons why the IASC felt that agriculture was an industry that needed its own industry specific standard?
I. Agriculture was considered to be an emerging industry at that time.
II. The specific exclusion of assets related to agricultural activity from other standards.
III. The nature of agricultural activity had created uncertainty or conflicts when applying traditional accounting models.
IV. Accounting guidelines for agricultural activity previously developed by national standard setters had been piecemeal.

Question

Quizplus · Accepted Answer

The IASC recognized the need for a specific standard for agriculture due to the exclusion of agricultural assets from other standards, the uncertainty or conflicts in applying traditional accounting models to agricultural activities, and the piecemeal approach of previously developed national guidelines.

Which of the Following Are Reasons Why the IASC Felt