Some biological assets may be covered by IAS 2 Inventories.

Question

Quizplus · Accepted Answer

According to IAS 41 Agriculture, biological assets that are "involved in agricultural or similar production activities" are not covered by IAS 2 Inventories. However, IAS 2 specifically states that some "agricultural and mineral products" may be classified as inventories, indicating that certain biological assets may be covered by IAS 2. This would depend on how they are produced and intended to be used.

Some Biological Assets May Be Covered by IAS 2 Inventories