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5 measurement biological assets are always measured

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5. Measurement:Biological assetsarealways measured at fair value less costs to sell.Changesin fair value less costs to sell arerecognised inP/L.Where fair value cannot be measured reliably, biological assets are measured at cost lessaccumulated depreciation and impairment losses.Agricultural produceis measured atfair value less costs to sell at the point of harvest.After harvest, IAS2Inventory applies, and it is measured atthe lower of cost and net realisable value.inIMAI2As2存货11flBAAP产品那个还是41产品miPA⻓⼤FrDrBA1不明ucanapl.atHarvest计量变化PkDrBAwipLlBAAP.lumiminghiRACinventorywitofpurchasecatatconversionloverheadIbringtoconditionandlocation不在PK简慢个别notinterchangeablewantageatlinterchangeable所以变换NRV可变wningprie.mg成本_wingexpenseanyexpense现在市场价格nutsMt⽐较Drapeauuinventory可以升值回来升值回来处理NN可变产品完成currentMtgwiNotin
IAS21 Foreign transactions and entities±²³´µ¶±·¸1. Functional currencyis thecurrency of the primary economic environment in which the entity operatesandpresentation currencyis thecurrency in which the financial transactions are measured.2. Foreign transaction Recognition:(1) Initial recognition:Apply the spot exchange rate at the date of transaction (an average rate for a period may beused as approximation if rates do not fluctuate significantly).(2) At the end of the reporting period:Monetary assets and liabilities: Restate at closing rate.Non-monetary assets measured in terms of historical cost (Non-current assets or inventory): Do not restate.Non-monetary assets measured at fair value: Use exchange rate at the date when fair value was measured.Ex:Rose has a property located in the same country as Stem. The property was acquired on 1 May 20X7 and is carriedat a cost of 30 million dinars. The property is depreciated over 20 years on the straight-line method. At 30 April 20X8,the property was revalued to 35 million dinars. Depreciation has been charged for the year but the revaluation has notbeen taken into account in the preparation of the financial statements as at 30 April 20X8. The following exchange ratesare relevant to the preparation of the group financial statements: (Dinars to $) 6 at 1 May 20X7, 5 at 30 April 20X8, 5.8average for the year to 30 April 20X8.Answer:3. Foreign subsidiary:Prior to adding together the assets, liabilities, income and expenses of the parent and subsidiary,the financial statements of a foreign subsidiary must be translated.(1) The rules for translating an overseas subsidiary:Income, expenses and OCI: The rate in place at the date of each transaction. The average rate for the year may beused as an approximation.Assets and liabilities are translated: The closing rate.Share capital and any reserves balances at acquisition: The historical rate at the date of acquisition.

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Term
Fall
Professor
N/A
Tags
Balance Sheet, Generally Accepted Accounting Principles

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