AASB 141/IAS 41 applies to accounting for the following when they relate to agricultural activity:
I - Agricultural produce.
II - Biological assets.
III - Land related to agricultural activity.
IV - Government grants.

Question

Quizplus · Accepted Answer

AASB 141/IAS 41 applies to agricultural produce and biological assets related to agricultural activity, as well as government grants related to these assets. Land related to agricultural activity is not covered under AASB 141/IAS 41.

AASB 141/IAS 41 Applies to Accounting for the Following When