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(solution) When determining the fair value of biological assets and there is


When determining the fair value of biological assets and there is no market price for that asset in its present condition LKAS 41-Agriculture requires that:
When determining the fair value of biological assets and there is no market price for that asset in

 

its present condition LKAS 41-Agriculture requires that:

 

Select one:

 

a. the entity measure the asset at cost.

 

b.

 

the entity uses sector benchmarks.

 

c.

 

the entity uses the present value of expected net cash flows from the asset discounted at a

 

current market-determined pre-tax rate.

 

d.

 

the entity uses the contract prices for recent sales of similar assets adjusted for the effects

 

of biological transformation.

 


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Sep 13, 2020

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