Accounting · International Accounting Standards
How is a gain or loss arising on initial recognition or change in fair value of a biological asset recognized in accordance with IAS 41 Agriculture?
Verified Solution4 OptionsUpdated: October 2026👁️1 View
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- 1Deferred and recognized over the life of the biological asset
- 2Recognized under other comprehensive income (OCI)
- 3Adjusted directly in retained earnings
- 4Included in profit or loss for the period✓
Correct answer
Included in profit or loss for the period
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