tailieunhanh - Lecture IFRS primer international GAAP basics: Chapter 9 - Wiecek, Young

Chapter 9 - Agriculture: IAS 41. The main contents of the chapter consist of mains parts: Related standards, IAS 41, current GAAP comparisons, IFRS financial statement disclosures, looking ahead, end-of-chapter practice. | Lecture IFRS primer international GAAP basics Chapter 9 - Wiecek Young Agriculture IAS 41 Wiecek and Young IFRS Primer Chapter 9 Agriculture Related standards IAS 41 Current GAAP comparisons IFRS financial statement disclosures Looking ahead End-of-chapter practice 2 Related Standards FAS 144 Accounting for the Impairment or Disposal of Long-lived Assets FAS 157 Fair Value Measurements SOP 85-3 Accounting by Agricultural Producers and Agricultural Cooperatives 3 Related Standards IAS 1 Presentation of Financial Statements IAS 2 Inventories IAS 18 Revenues IAS 37 Provisions Contingent Liabilities and Contingent Assets IFRS 5 Non-current Assets Held for Sale and Discontinued Operations 4 IAS 41 Overview Objective and Scope Recognition and Measurement Government Grants Disclosure 5 IAS 41 Objective and Scope Standard deals with the accounting for agricultural activity specifically covering Biological assets Agricultural produce at the point of harvest Related government grants Excludes land and intangible assets IAS 41 is considered a significant addition to GAAP since the economies of many global countries rely on agriculture In general agricultural activities have the following common characteristics they are capable of biological transformation and this transformation is managed facilitated measured and 6 monitored by the entity IAS 41 Objective and Scope 7 IAS 41 Objective and Scope IAS 41 defines the following terms Agricultural activity is the management by an entity of the biological transformation and harvest of biological assets for sale or for conversion into agricultural produce or into additional biological assets Agricultural produce is the harvested product of the entity s biological assets A biological asset is a living animal or plant Biological transformation comprises the processes of growth degeneration production and procreation that cause qualitative or quantitative changes in a biological asset A group of biological assets is an aggregation of