Business & Economics

Accounting for Biological Assets

Author: Rute Gonçalves

Publisher: Routledge

ISBN:

Category: Business & Economics

Page: 108

View: 683

This book explores accounting for biological assets under IAS 41 – Agriculture, and explains the recent adjustments introduced by the IASB which allow firms to choose between cost or revaluation models concerning mature bearer plants. Identifying the firm and country-level drivers that inform the disclosure and measurement practices of biological assets, this concise guide examines the value relevance of measuring those assets at fair value. It also analyses how firm and country-level drivers explain the differences in the disclosure level and practices used to measure biological assets under IAS 41. Finally, it evaluates whether there is a difference in the relevance of biological assets among the listed firms with high and low disclosure levels on biological assets. Based on a major international study of a wide selection of firms and country-level drivers, this book is vital for standard setters, stakeholders, students, accountants and auditors who need to understand disclosure and measurement practices of biological assets under IAS 41.

Historical Cost Versus Fair Value of Biological Assets

Author: Meritxell Miarons Blanco

Publisher:

ISBN:

Category:

Page: 154

View: 337

"This study develops a bibliometric and empirical analysis of the relevance of accounting information when biological assets are measured at fair value versus at historical cost, using an international sample of firms with biological assets." -- TDX.
Business & Economics

Comparative International Accounting. Fair value accounting in the agricultural sector

Author: David Onditi

Publisher: GRIN Verlag

ISBN:

Category: Business & Economics

Page: 17

View: 645

Seminar paper from the year 2019 in the subject Business economics - Accounting and Taxes, grade: A+, , language: English, abstract: The changes that are taking place due to the globalisation of economies have led to a trend towards accounting standards of different countries being standardised. The accounting standard commonly used in the agricultural sector in IAS 41. IAS 41 is aimed at regulating the agricultural sector, which has been outside the discussions of accounting due to the lack of infrastructure and tradition for divulging or preparing its financial statements. The biological assets, according to IAS 41, should be valued at their fair value except for the cases where it would be impossible to estimate their value reliably. The main objective of this work is to determine how fair value accounting can be applied in the agricultural sector. The research will focus on the following research questions: Has IAS 41 enhanced the international comparability of accounting practices in the agricultural sector? How can biological assets fair value be measured, where there is no active market, in a reliable way in accordance to IAS 41?
Agriculture

Agriculture

Author: International Accounting Standards Committee

Publisher:

ISBN:

Category: Agriculture

Page: 64

View: 182

Business & Economics

Financial Accounting and Reporting II (UUM Press)

Author: Zaimah Abdullah

Publisher: UUM Press

ISBN:

Category: Business & Economics

Page: 260

View: 542

This book is specifically designed for students enrolled in Financial Accounting and Reporting II course. The objective of this book is to assist students to understand the contents of the course by focusing on the Standards and its application in reporting companies’ financial statements. This book has been arranged according to the syllabus that consistent with the Hala tuju 3 in curriculum review process. There are nine chapters in the FAR II course and each chapter discussed in this book contains learning objectives, an introduction, comprehensive discussion, summary and accompanied by practical illustrations with suggested solutions. To facilitate students understanding, a comprehensive set of revision questions are available at the end of each chapter with some clues to the answers. Written in simple English by experienced lecturers, students will find this book to be useful and friendly companion in their learning process. This book can also serves as a good and helpful teaching materials for lecturers.

The Perception of Malaysian Palm Plantation Companies Towards the Adoption of a Proposed Standard of Agriculture (IAS 41) in Malaysia

Author: Nur Naimah Mohamed

Publisher:

ISBN:

Category:

Page: 300

View: 876

The International Accounting Standard of Agriculture (IAS 41) standard has raised many controversial issues particularly relating to agriculture activities where the income-producing biological assets have long economic lives that stretch beyond ordinary accounting periods. Such biological assets include palm trees, rubber trees, timbers etc. Based on the situation in Malaysia, the standard still needs revision so that it may be extended to include palm trees that are long-lived biological assets. Thus, the main objective of this study is to examine the current accounting method as practised by Malaysian palm plantation companies in relation to palm oil trees, which fall under biological assets. The secondary objective is to examine the Malaysian palm plantation companies' perception towards potential challenges if the IAS 41 is adopted in Malaysia. This study used the multiple case study research approach to note the differences in opinion or perceptions between small and big palm plantation companies. In order to do this, six palm plantation companies were selected and 13 employees from these companies were interviewed. The findings showed most of the palm plantation companies gave negative perspectives regarding the application of the proposed standard. This is due to the complexity of IAS 41; and the absence of fair value market especially for palm oil trees and other long-lived biological asset. However, most of palm plantation companies agreed that this standard is appropriate for short-lived biological assets. Overall, it is hoped that the standard setters will revise the existing agricultural standard and find some practical solutions to the problem of the inactive market in order to ensure that the IAS 41 will be relevant and applicable to all biological assets.
Business & Economics

Applying IFRS for SMEs

Author: Bruce Mackenzie

Publisher: John Wiley & Sons

ISBN:

Category: Business & Economics

Page: 384

View: 853

An invaluable aid to companies and auditors involved in first-time adoption of the new SMEs standard Applying the IFRS for SMEs provides expert insights and explanations of the International Financial Reporting Standards (IFRS) for small and medium enterprises (SMEs) issued by the International Accounting Standards Board (IASB). This important book includes comprehensive coverage of this recently issued standard aimed at small and medium-sized businesses. Provides essential coverage for application of IFRS-now a necessity in the accounting world Includes Foreword by Paul Pacter, Director of Standards for SMEs, IASB Offers commentary on the theory in the standard, illustrative disclosures, comprehensive illustrative financial statements and comparisons to full IFRS Includes relevant real life worked out examples aimed at SMEs, plus summaries of important points The first book on how to apply the new SMEs standard, Applying the IFRS for SMEs is a must-have book for your small or medium-sized business.