In March 2017, the IC discussed whether there are circumstances in which an entity cannot reliably measure the fair value of growing produce. In particular, the issue centred on whether fruit growing on oil palms could be considered to be an example of a biological asset for which an entity might rebut the fair value presumption set out in IAS 41.30.
In March 2017, the IC discussed whether there are circumstances in which an entity cannot reliably measure the fair value of growing produce. In particular, the issue centred on whether fruit growing on oil palms could be considered to be an example of a biological asset for which an entity might rebut the fair value presumption set out in IAS 41.30.
June 2017
Please see our Interpretations Committee meeting notes for the discussion of the issue and the June 2017 IFRIC Update for the final wording of the decision.
IFRIC reference:
04 Apr 2024
03 Apr 2024
11 Mar 2024
26 Feb 2024
31 Jan 2024
25 Jan 2024