b) The agricultural produce at the harvesting point is actually the harvested product and
the biological asset of the company. The harvest isthe detachment of produce form the
biological asset, or ceasing the vital processes ofa biological asset. The harvested agricultural
produce must be evaluated and accounted on basis ofthe results, at its fair values, minus sale
costs during harvest. According to IAS 2 – Inventories, this estimation leads to the input cost
for the harvest estimation. In this case, the fair value is estimated in the following order:
Current price existent on an active market
Most recent transaction price
Current market price for similar assets or products, considering possible
dissimilarities
Sector references
b) The agricultural produce at the harvesting point is actually the harvested product and
the biological asset of the company. The harvest isthe detachment of produce form the
biological asset, or ceasing the vital processes ofa biological asset. The harvested agricultural
produce must be evaluated and accounted on basis ofthe results, at its fair values, minus sale
costs during harvest. According to IAS 2 – Inventories, this estimation leads to the input cost
for the harvest estimation. In this case, the fair value is estimated in the following order:
Current price existent on an active market
Most recent transaction price
Current market price for similar assets or products, considering possible
dissimilarities
Sector references
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