Agricultural produce is no longer re-measured to fair value because it is accounted for using the lower of cost or recoverable amount.

Question

Quizplus · Accepted Answer

Agricultural produce is measured at fair value less costs to sell at the point of harvest according to IAS 41 Agriculture. This standard requires the use of fair value for agricultural produce at the point of harvest, not the lower of cost or recoverable amount.

Agricultural Produce Is No Longer Re-Measured to Fair Value Because