When determining the fair value of biological assets when there is no market price for that asset in its present condition AASB 141/IAS 41 requires that:
A) the entity uses sector benchmarks.
B) the entity measures the asset at cost.
C) the entity uses the contract prices for recent sales of similar assets adjusted for the effects of biological transformation.
D) the entity uses the present value of expected net cash flows from the asset discounted at a current market-determined rate.
Correct Answer:
Verified
Q1: Whiting Limited operates a fish farm. AASB
Q2: The recognition criteria contained within AASB 141/IAS
Q3: AASB 141/IAS 41 considers that there are
Q4: Under AASB 141/IAS 41, which of the
Q5: Which of the following is a product
Q7: The entry required when an animal is
Q8: Which of the following are reasons why
Q9: AASB 141/IAS 41 requires that biological assets
Q10: AASB 141/IAS 41 applies to accounting for
Q11: Which standard was issued in 2011 that
Unlock this Answer For Free Now!
View this answer and more for free by performing one of the following actions
Scan the QR code to install the App and get 2 free unlocks
Unlock quizzes for free by uploading documents