Accounting · IAS 41 Agriculture and IAS 16 PPE
AgroFarm Co owns vines on which it grows grapes. Which statement regarding the measurement of the vines and grapes correctly reflects the requirements of IAS 41?
Verified Solution4 OptionsUpdated: October 2026👁️1 View
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- 1Grapes at the point of harvest are measured at the lower of cost and net realisable value; the vines are measured at cost less depreciation.
- 2Both grapes at the point of harvest and vines are measured at fair value less costs to sell.
- 3Grapes are measured at cost at the point of harvest, the vines are measured at fair value less costs to sell.
- 4Grapes are measured at fair value less costs to sell at the point of harvest; the vines are measured at cost less depreciation.✓
Correct answer
Grapes are measured at fair value less costs to sell at the point of harvest; the vines are measured at cost less depreciation.
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