Under IAS 41/AASB 141 the basis for recording biological assets in the accounting records is:

Question

Quizplus · Accepted Answer

Under IAS 41/AASB 141, the basis for recording biological assets in the accounting records is net fair value, which is the amount that the asset could be sold for in an arm's length transaction among knowledgeable, willing parties, less any estimated costs of disposal. This reflects the current market value of the asset and recognizes the potential income or loss from holding and growing the asset until it is ready for harvest or sale.

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