IFRS PRACTICAL IMPLEMENTATION GUIDE AND WORKBOOK

Chapter 32/ Agriculture (lAS 41)

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(d) At the resale value separate from the bio– logical asset that has been grown on the land. Answer: (b) 13. An unconditional government grant related to a biological asset that has been measured at fair value less point-of-sale costs should be recognized as (a) Income when the grant becomes receivable. (b) A deferred credit when the grant becomes receivable. (c) ' Income when the grant application has been submitted. (d) A deferred credit when the grant has been approved. Answe r : (a ) 14. If a government grant is conditional on certain events. then the grant should be recognized as (a) Income when the conditions attaching to the grant are mel. (b) Income when the grant has been approved. (c) A deferred credit when the conditions at– tached to the government grant are mel. (d) A deferred credit when the grant is approved. Answer: (a) 15. Where there is a producti on cycle of more than one year, the Standard encourages separate disclosure of the (a) Physical change only. (b) Price change only. (c) Total change in value. (d) Physical change and price change. Answe r : (d) 16. Which of the following information should be disclosed under lAS 41? (a) Separate disclosure of the gain or loss relat– ing to biological assets and agricultural pro– duce. (b) The aggregate gain or loss arising on the ini– tial recognition of biological assets and agri– cultural produce and the change in fair value less estimated point-of- sale costs of biologi– cal assets. (c) The total gain or loss from biological assets, agricultural produce , and from changes in fair value less estimated point-of-sale costs of biological assets. (d) There is no requirement in the Standard to disclose separately any gains or losses. Answe r : (b)