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AASB141 advocates the use of net market value accounting for the agricultural industry. Outline the characteristics of net market value accounting. What makes biological assets

AASB141 advocates the use of net market value accounting for the agricultural industry. Outline the characteristics of net market value accounting. What makes biological assets different (unique) from other types of assets? Why do you think standard setters require the use of NMV accounting for the agricultural industry?

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