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Title: Financial Accounting: Biological Asset
Description: Summary of accounting for Biological Assets
Description: Summary of accounting for Biological Assets
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PAS 41 applies to:
1
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2
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Agricultural Activity - management by an entity of the biological transformation and harvest of
biological assets for sale or conversion into agricultural produce or into biological assets
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Growth
2
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Production
4
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cessation of biological asset’s life
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When?
a
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Probable inflow of future economic benefit; and
c
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How?
a
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b
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Hierarchy of Fair Value:
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Most recent market transaction price
3
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-includes:
1
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Levies by regulatory agencies
3
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Used in the production or supply of agricultural produce
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Expected to bear produce for more than one period
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Has remote likelihood of being sold as agricultural produce except as scrap
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Measurement: Either cost or revaluation model
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Title: Financial Accounting: Biological Asset
Description: Summary of accounting for Biological Assets
Description: Summary of accounting for Biological Assets