Biological assets are generally recognized at their net realizable values, with gains and losses flowing through income.

Question

Quizplus · Accepted Answer

Biological assets are recognized at their net realizable values, which is the estimated selling price minus the costs of completion and disposal. Any gains or losses from the changes in the assets' net realizable values flow through income. Therefore, the given statement is true.

Biological Assets Are Generally Recognized at Their Net Realizable Values