Oracle IAS, the best UPSC/IAS/PCS coaching in Dehradun presents UPSC prelims online quiz level 3 #41. Daily Current Affairs Quiz UPSC IAS for 2019-20. Phone: +353 (0)1 4433 400 UPSC Quiz- 2017 : IASbaba’s Daily Current Affairs Quiz [Day 41] Archives Q.1) Consider the following statements about Crested Black Macaque It is listed as ‘Critically Endangered’ by the IUCN It is native Indian Subcontinent It is a frugivorous Select … It applies to most (but not all) entities that grow or rear biological assets for profit. Dear Aspirants, The 10 PM Daily Current Affairs Quiz will be focused on UPSC Prelims 2021. An entity includes any cash flows for financing the assets, taxation, or re‑establishing biological assets after harvest (for example, the cost of replanting trees in a plantation forest after harvest). 1. Take as many quizzes as you want - we bet you won’t stop at just one! Agricultural produce harvested from an entity's biological assets shall be measured at its fair value at the point of harvest. 0 Essay(s) Pending (Possible Point(s): 0). IAS 41 sets out the accounting for agricultural activity – the transformation of biological assets (living plants and animals) into agricultural produce (harvested product of the entity's biological assets). Quiz complete. (a) Surdas (b) Mirabai (c) Kabir (d) Tukaram Answer: (c) Explanation: Kabir’s poems have survived in several languages an UPSC Quiz – 2020 : IASbaba’s Daily Current Affairs Quiz Day 41 Archives Q.1) Consider the following statements with respect to ‘tarballs’ They are formed by weathering of crude oil in marine environments The presence of several tarballs might indicate … Posted on 10 Feb 2020. Digitization of Automobile Sector – The Big Picture – RSTV IAS UPSC UPSC Quiz – 2020 : IASbaba’s Daily Current Affairs Quiz 12th Nov 2020 Don’t lose out on any important Post and Update. An entity discloses the basis for making any such distinctions. Thereafter, IAS 2 Inventories or another applicable Standard is applied. We’d love to have you as a member; simply click here to find out more. Quiz: IAS 38 Intangible assets (Basic) Adeel July 5, 2016 July 4, 2016 No Comments on Quiz: IAS 38 Intangible assets (Basic) The quiz tests your basic understanding of accounting for Intangible assets (International Accounting Standard 38) Biological transformation comprises the processes of growth, degeneration, production, and procreation that cause qualitative or quantitative changes in a biological asset. The reconciliation shall include: The fair value less costs to sell of a biological asset can change due to both physical changes and price changes in the market. answered Apr 10, 2018 in IAS 41 - Agriculture by Naman. Let us know your timeline and we will strive to meet your goals. 12, Aug 2019. Events after the reporting date (IAS 10) Chapter 15. SCHEDULE. Each of those physical changes has a direct relationship to future economic benefits. This site uses cookies. A biological asset shall be measured on initial recognition and at the end of each reporting period at its fair value less costs to sell, except for the case described in paragraph 30 where the fair value cannot be measured reliably. In all cases, an entity measures agricultural produce at the point of harvest at its fair value less costs to sell. You must be logged in to post a comment. Enrich Your Learning: Indian Network on Climate Change Assessment (INCCA): Government of India announced the launch of the INCCA in ; It is a network-based programme, which consists of over 120 institutions and over 250 scientists country wide. Learn vocabulary, terms, and more with flashcards, games, and other study tools. Leave a Reply Cancel Reply. (See IFRS 13 Fair Value Measurement.). , ? A gain or loss shall not arise on initial recognition of agricultural produce as a result of harvesting. One stop destination for all aspects of UPSC IAS Preparation. Learn vocabulary, terms, and more with flashcards, games, and other study tools. Provisions, contingent assets and liabilities (IAS 37) Chapter 14. Daily Quiz. 12, Aug 2019. Inventory (IAS 2) Chapter 10. Such measurement is the cost at that date when applying IAS 2 Inventories or another applicable Standard. Examples of such an event include an outbreak of a virulent disease, a flood, a severe drought or frost, and a plague of insects. Welcome to Insights IAS Static Quiz in HINDI. Poems written in it follow a style in which everyday meanings are inverted. In some cases, a contract for the sale of a biological asset or agricultural produce may be an onerous contract, as defined in IAS 37 Provisions, Contingent Liabilities and Contingent Assets. However, if the terms of the grant allow part of it to be retained according to the time that has elapsed, the entity recognises that part in profit or loss as time passes. Once a non‑current biological asset meets the criteria to be classified as held for sale (or is included in a disposal group that is classified as held for sale) in accordance with IFRS 5 Non‑current Assets Held for Sale and Discontinued Operations, it is presumed that fair value can be measured reliably.