AASB 141 Requires That a Biological Asset Be Recognised at Cost

question 30

True/False

AASB 141 requires that a biological asset be recognised at cost until the asset is sold.

---

Definitions:

Lipogenesis

The metabolic process of synthesizing fatty acids from acetyl-CoA, primarily occurring in the liver and adipose tissue.

Absorptive State

The metabolic phase following a meal when nutrients from the food are absorbed from the intestinal tract into the bloodstream.

Triglycerides

A type of fat (lipid) found in your blood, used by the body for energy, and an indicator of metabolic health.

Glycogenolysis

The biochemical process of breaking down glycogen into glucose, which provides energy to cells.