ABSTRACT
Based on previous considerations regarding accounting for biological assets under International Accounting Standard (IAS) 41, this chapter provides empirical evidence worldwide. Therefore, it embraces two main goals and the corresponding research questions. The first objective aims to identify the firm and country-level drivers that could explain mandatory and voluntary disclosure and measurement practices of biological assets under IAS 41. The second objective aims to examine the value relevance of fair value of biological assets under IAS 41 in order to investigate the market valuation implications of this standard. The chapter explores a selection of listed firms worldwide that comply with the criteria of having first adopted International Financial Reporting Standards (IFRS) before 2012. Throughout the research, data was collected in DataStream1 and the chosen year was the most recent year with more up-to-date information in order to assure the maximum possible number of countries and consequently number of firms, as well as to provide research with recent data.
