AASB 141/IAS 41 applies to accounting for which of the following when they relate to agricultural activity?
I. Biological assets.
II. Government grants.
III. Agricultural produce.
IV. Land related to agricultural activity.

Question

Quizplus · Accepted Answer

AASB 141/IAS 41 applies to accounting for biological assets (I) and agricultural produce (III) as they directly relate to agricultural activity. It also applies to government grants (II) as they are received by many entities for use in agricultural activity. Land related to agricultural activity (IV) is also included in the scope of this standard. Therefore, the correct options are I, II, and III. Choice B includes all three of these options, making it the best choice.

AASB 141/IAS 41 Applies to Accounting for Which of the Following