A company has acquired a biological asset for agricultural purposes, which has an estimated fair value of $50,000 at the initial recognition. During the reporting period, the fair value of the asset increased to $60,000. The entity incurred $2,000 in direct costs related to the sale of the asset. According to IAS 41, what would be the value of the biological asset recognized in the company's financial statements?

Answer rating: 100% (QA)

The detailed answer for the above question is provided below The value of the bi... View the full answer