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Which the income should be accounted for

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Problem 1: Animals related to recreational activities shall be accounted for under what standard? *

a) IAS 41-Agriculture
b) IAS 16-Property, plant and equipment
c) IAS 40- Investment property
d) Either IAS 41 or IAS 16

Problem 2: An entity had a plantation forest that is likely to be harvested and sold in 30 years. The income should be accounted for in which of the following way?

a) No income should be reported annually until first harvest and sale in 30 years
b) Income should be measured annually and reported using a fair value approach that recognizes and measures biological growth.
c) The eventual sale proceeds should be estimated and matched to the profit and loss account
d) The plantation forest should be valued every 5 years and the increase in value should recognized as component of other comprehensive income.

Reference no: EM132765896

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