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It requires measurement at fair value less costs Discount Tiffany Watches sell from initial recognition of biological assets up to the point of harvest other than when fair value cannot be measured reliably on initial recognition. However,Luxury Watches does not deal with processing of agricultural produce after harvest; for example processing grapes into wine and wool into yarn. IAS 41 requires an entity to measure Discount A.Lange & Sohne biological asset at its cost less any accumulated depreciation and any accumulated impairment losses. Once the fair value of such a biological asset becomes reliably measurable an entity Discount Alain Silberstein measure it at its fair value less costs to sell. Under a transaction-based historical cost accounting model a plantation forestry entity might report no income until first harvest and sale perhaps 30 years after planting. On the other hand, an accounting model that recognizes and measures biological growth using current fair values reports changes in fair value throughout the period between planting and harvest.