IAS 41 - Biological Assets

Front

IAS 41 is not applicable on agricultural produce from bearer plants, rather IAS 16 is applied.

Back

False

Front

If an entity uses the fair value less cost to sell to measure its biological assets, it is required to recognize any gains or losses arising from changes in fair value in other comprehensive income.

Back

False

Front

When an entity further processes agricultural produce that was harvested from its biological assets, it should continue to apply IAS 41.

Back

False

Front

IAS 41 applies to all biological assets that are used for production, such as crops and trees, but does not apply to animals that are held for breeding purposes.

Back

False

Front

Which of the following is NOT the outcome of a biological transformation according to IAS 41? Options: Growth, Harvest, Procreation, Degeneration

Back

Harvest

Front

How is a gain or loss arising on a biological asset recognised in accordance with IAS 41?

Back

Included in profit or loss for the year

Front

In addition to IAS 2 Inventories, which accounting standard may be relevant for determining the figure for closing inventories in financial statements? Options: IAS 10 Events After the Reporting Period, IAS 38 Intangible Assets, IAS 16 Property, Plant and Equipment, IAS 41 Agriculture.

Back

IAS 10 Events After the Reporting Period

Front

How to classify the Biological asset? i. Mature & immature Biological asset ii. Consumeable & bearer Biological asset iii. Agriculture & non-agriculture Biological asset

Back

Mature & immature Biological asset, Consumeable & bearer Biological asset

Front

A gain arising from the initial recognition of a biological asset should

Back

Be recognized in profit or loss

Front

Which of the following is not an agricultural activity?

• Tuna fishing from ocean
• Farming of mollusks
• Farming of fish
• Raising domesticated animals in an agricultural setting to produce commodities

Back

Tuna fishing from ocean