The following is an extract from the 2013 Annual Report of SIPEF NV: Because of the inherent
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The following is an extract from the 2013 Annual Report of SIPEF NV:
Because of the inherent uncertainty associated with the valuation at fair value of the biological assets due to the volatility of the prices of the agricultural produce and the absence of a liquid market, their carrying value may differ from their realisable value.
Given the inherent uncertainty in applying IAS 41, discuss whether the pre-IAS 41 practice of value at historical cost is preferable for the statement of financial position.
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Related Book For 
Financial Accounting And Reporting
ISBN: 9781292255996
19th Edition
Authors: Barry Elliott, Jamie Elliott
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