Porter Company is evaluating the following assets to determine whether it can use fair value as deemed

Question:

Porter Company is evaluating the following assets to determine whether it can use fair value as deemed cost in first-time adoption of IFRS.
1. Biological assets related to agricultural activity for which there is no active market.
2. for which there is no active market.
3. Any individual item of property, plant, and equipment.
4. Financial liabilities that are not held for trading.
For each assets type, indicate if the deemed cost exemption can be used.

Intangible Assets
An intangible asset is a resource controlled by an entity without physical substance. Unlike other assets, an intangible asset has no physical existence and you cannot touch it.Types of Intangible Assets and ExamplesSome examples are patented...