According to International Financial Reporting Standards, biological assets are valued at:
A)Cost less accumulated depreciation.
B)Fair value less estimated costs to sell.
C)Cost less accumulated depletion.
D)None of the above.

Question

Quizplus · Accepted Answer

According to IFRS, biological assets should be valued at fair value less estimated costs to sell, as they are living assets that can change in value over time. This valuation method reflects the current market value of the asset and is considered the most accurate representation of its worth. The other options (A and C) are not appropriate as they relate to the valuation of non-living, depreciable or depletable assets.

According to International Financial Reporting Standards, Biological Assets Are Valued