CAF-1 · Chapter 7 · Question 12 of 15
Under IAS 41, what is meant by the term 'harvest'?
Test yourself: pick an answer
Reveal answer & explanation
Correct answer: B) The detachment of produce from a biological asset or the cessation of a biological asset's life processes.
Explanation
Harvest is strictly defined as the detachment of produce from a biological asset or the cessation of a biological asset's life processes (e.g., picking fruit or slaughtering livestock).
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