Fair value measurement required for biological assets and agricultural produce, with a limited cost-measurement exception on initial recognition. The Standard requires recognition of biological assets and agricultural produce when control, probable economic benefits and reliable measurement exist, measuring biological assets on initial recognition and each reporting date at fair value less costs to sell and agricultural produce at that amount at harvest. Gains and losses from initial recognition and subsequent fair value changes are recognised in profit or loss. If fair value cannot be measured reliably on initial recognition for assets without quoted prices, measurement is at cost less depreciation and impairment until fair value becomes reliably measurable.