In determining fair value, an entit

In determining fair value, an entity shall consider the following:
(a) If an active market exists for a biological asset or agricultural produce in its
present location and condition, the quoted price in that market is the appropriate
basis for determining the fair value of that asset. If an entity has access to different
active markets, the entity shall use the price existing in the market that it expects
to use.
(b) If an active market does not exist, an entity uses one or more of the following,
when available, in determining fair value:
(i) the most recent market transaction price, provided that there has not been a
significant change in economic circumstances between the date of that
transaction and the end of the reporting period;
(ii) market prices for similar assets with adjustment to reflect differences; and
(iii) sector benchmarks such as the value of an orchard expressed per export
tray, bushel, or hectare, and the value of cattle expressed per kilogram of
meat.