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:
a. the entity measure the asset at cost.
the entity uses sector benchmarks.
the entity uses the present value of expected net cash flows from the asset discounted at a
current market-determined pre-tax rate.
the entity uses the contract prices for recent sales of similar assets adjusted for the effects
of biological transformation.
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