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LECTURE AID
2018
Related standard:
PAS 41 Agriculture
Learning Objectives
• Identify the scope of PAS 41.
• Differentiate the following: biological assets,
agricultural produce and inventory.
• State the initial and subsequent measurement
of biological assets and agricultural produce.
• Account for government grants that are within
the scope of PAS 41.
INTERMEDIATE ACCTG 1B (by:
MILLAN)
Scope
BIOLOGICAL ASSET
INVENTORY
INVENTORY
AGRICULTURAL INVENTORY
PRODUCE INTERMEDIATE ACCTG 1B (by:
MILLAN)
Consumable vs. Bearer biological assets
Biological assets are either consumable or bearer.
a. Consumable - those that are to be harvested as agricultural
produce or sold as biological assets. Ex. Timber
b. Bearer - those other than consumable biological assets. Ex.
Fruit tree