Which Statement Is Correct About Using the "Fair Value Less

question 58

Multiple Choice

Which statement is correct about using the "fair value less point of sale costs" approach for biological assets?

• A)The exception to "cost less depreciation" can be made at any subsequent measurement date.
• B)Fair value may not be available for initial recognition, but could be used for subsequent measurement.
• C)Fair value may be available for initial recognition, but then not be used for subsequent measurement.
• D)Under this accounting method, fair value can only be higher than cost.

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