Question Details

Under International Financial Reporting Standards 



True or false:
1.	Biological assets, such as milking cows, are reported as non-current assets at fair value less costs to sale (net realizable value).

	2.	The unrealized gains and losses related to recording biological assets at their correct valuation are reported as part of other comprehensive income on the statement of comprehensive income.

	3.	Under International Financial Reporting Standards (IFRS), net realizable value is the general rule for valuing commodities held by broker-traders. 

	4.	Under International Financial Reporting Standards (IFRS), separate reporting of reversals of inventory write-downs in the period of sale are required.

	5.	Under International Financial Reporting Standards (IFRS), agricultural activity can result in the production of both agricultural produce and biological assets.



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