Chapter 9 biologic Asset Definitions of terms Biological assets be documentation animals and animate plants rude aver is the drawed product of an entitys biologic assets. Harvest is the detachment of produce from a biologic assets or the cessation of a biologic assets brio processes. Biological Transformation Biological Transformations comprises the processes of growth, degeneration, production and nurture that cause denary or qualitative lurchs in a biologic asset. Agricultural drill or simply floriculture This is the management by an entity of the biologic assets for sale or for vicissitude into agricultural produce or into agricultural produce or into additional biological assets. Features of Agricultural activity a) Capability to change- living animals and plants atomic number 18 capable of biological transformations b) Management of change- the agricultural activity must be managed to advance the biological transfor mation by enhancing or at least(prenominal) stabilizing conditions necessary for the process to trade place. c) Measurement of Change- the change in quality or bill brought about by biological transformation or harvest is measured and monitored as a routine management function.
credit Measurement Biological asset shall be measured on initial realization and at the end of each coverage period at fair valuate slight be to sell. Agricultural make- shall be measured at fair value less costs to sell. Fair Value of Biological Assets This trust can be rebutted only on initial realisation for a biological ass et for which market determined prices are no! t unattached or estimates of fair value are determined to be clearly unreliable. In such cases, the biological asset shall be measured at cost less accumulated derogation and whatsoever accumulated depreciation and any accumulated loss loss. Fair Value of Agricultural Produce In all cases, en...If you essential to get a expert essay, order it on our website:
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