Scope of MFRS 141
by Lim Fu Sheng
1. Biological Assets
1.1. A living animal or plant
1.2. Specific Recognition Conditions: 1. Entity Control 2. Probable future economic benefit associated 3. Fair Value or Cost can measure reliable
1.3. Fair Value - Cost to Sell
2. Agricultural Produce (Harvest)
2.1. Specific Recognition Conditions: - Risk & Reward of ownership
2.2. Fair Value - Cost to Sell (at point of harvest)
2.3. Harvested produce of the Biological Asset
3. Government Grants