Question
Agricultural activities are distinguished by the fact that management facilitates and manages biological transformation and is capable of measuring the change in the quality and
Agricultural activities are distinguished by the fact that management facilitates and manages biological transformation and is capable of measuring the change in the quality and quantity of biological assets. Management of biological transformation normally takes the form of activity to enhance, or at least stabilise, the conditions necessary for the
process of growth, degeneration, production and procreation that cause qualitative or quantitative changes in a biological asset to take place.
Discuss on the principles of IAS 41 Agriculture with regard to the rationale and how the biological assets are measured using fair value, also on the circumstances where an entity can depart from using fair value. (15 marks)
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