Under IAS 41/AASB 141 the basis for measuring biological assets is:

Question

Quizplus · Accepted Answer

According to IAS 41/AASB 141, the basis for measuring biological assets should be fair value less estimated point-of-sale costs. This means that the value of the biological asset should be based on its current market value, minus any costs that would need to be incurred to sell the asset (such as commissions or transportation costs). Historical cost, replacement value, and estimated market value less estimated point-of-sale costs are not the appropriate basis for measuring biological assets under these standards.

Under IAS 41/AASB 141 the Basis for Measuring Biological Assets