In accordance with AASB 141 Agriculture,biological assets may be classified as part of property,plant and equipment in the statement of financial position.

Question

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According to AASB 141 Agriculture, biological assets cannot be classified as part of property, plant and equipment in the statement of financial position. Instead, they should be recognized as a separate line item in the balance sheet.

In Accordance with AASB 141 Agriculture,biological Assets May Be Classified