IND AS 41

Which of the following is not dealt with by IAS 41?

• The accounting for biological assets.

• The initial measurement of agricultural produce harvested from the entity’s biological assets.

• The processing of agricultural produce after harvesting.

• The accounting treatment of government grants received in respect of biological assets.

Where there is a long aging or maturation process after harvest, the accounting for such products should be dealt with by

• IAS 41

• IAS 2, Inventory.

• IAS 16, Property, Plant, and Equipment.

• IAS 40, Investment Property.

Biological assets relating to agricultural activity should be measured using

• Historical cost.

• Historical cost less depreciation less impairment.

• A fair value approach.

• Both (a) and (b)

Government grants not relating to biological assets is covered under

• IAS 41

• IAS 2

• IAS 20

• IAS 16

IAS governs only those government grants relating to biological assets which are recognized at

• Fair value less cost to sell

• cost

• Cost less Accumulated depreciation less Impairment loss

• All of the above

Generally fair value of a biological asset is affected by

• Physical change

• Price change

• Both (a) and (b)

• None of the above

IAS 41, also governs land attached to biological assets, government grants related to bearer plants.

• True

• False

• Either (a) or (b) :D

when the biological asset is one part of the combined asset, the biological asset can be recognized at

• Fair value of combined asset

• Fair value of combined asset less fair value of assets other than biological asset

• cost of the biological asset

• cost of the combined asset

find the odd one out

• Sheep

• Cow

• Calf

• Carcasses

The topic of Today's meeting is

• IAS 2

• IAS 20

• IAS 41

• Case laws relating to Income tax