Abstract
The purpose of this paper is to study whether or not fair value model is applied in biological assets and agricultural products. First, this paper clarifies the characteristics of fair value model that was proposed in the Revenue Recognition Project by IASB and FASB. Second, this paper explains recognition and measurement of biological assets and agricultural products, and then presents the rules about fair value measurement in IAS41. Finally, this paper considers how fair value model is applied in the revenue recognition of agricultural, and makes significance of fair value model clear.
