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Give five examples of biological asset

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Reference no: EM132646986

IFRS 41 Agriculture prescribes the accounting treatment and disclosures related to agricultural activities. An entity is encouraged, but not required, to provide a quantified description of each group of biological assets, distinguishing between consumables and bearer biological assets, or between mature and immature biological assets, as appropriate.

Required

Question 1. Distinguish between a biological asset and an item of agriculture produce.

Question 2. Explain how agriculture produce is measured in the financial statements of an entity.

Question 3. Give five examples of biological assets and their relative agricultural produce.

Question 4. Explain what is meant by consumable and bearer biological assets, giving one example for each.

Reference no: EM132646986

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