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When to recognize a biological asset?

When to recognize a biological asset?

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Colin
 

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Under Hong Kong Accounting Standard 41, an entity shall recognize the biological asset if all of the following conditions have been fulfilled.
a. the entity controls the asset as a result of past events;
b. it is probable that future economic benefits associated with the asset will flow to the entity; and
c. the fair value or cost of the asset can be measured reliably.

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Barry
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