Agriculture

Question 1

What is an agriculture Produce

Answer 1

Harvested from an entity’s biological assets

Question 2

What is a biological asset

Answer 2

Living animal or plant

Question 3

Recognition Criteria for agriculture

Answer 3

An entity controls the asset as a result of past events
The probable inflow of economic benefit
FV or cost of the asset can be measured reliably

Question 4

Measurement of biological assets

Answer 4

FV - Cost to sell, if FV is unavailable then measure at the cost

Question 5

Measurement of Agriculture Produce

Answer 5

FV - Cost to sell at harvest