BIOLOGICAL ASSETS (NUSRAT)

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BIOLOGICAL ASSETS (NUSRAT) by Mind Map: BIOLOGICAL ASSETS (NUSRAT)

1. DISCLOSURE

1.1. gain/loss

1.2. description of biological assets

1.3. nature of activities of each group

1.4. fair value less costs to sell

1.5. non-financial measures of physical quantities

1.6. existence and CA

1.7. amounts of commitments

1.8. financial risk management strategies

1.9. reconciliation of changes in CA

2. MEASUREMENT

2.1. biological assets

2.1.1. initial recognition

2.1.1.1. at purchase price

2.1.1.2. Dr biological assets Cr cash

2.1.2. subsequent measurement

2.1.2.1. fair value less costs to sell

2.1.2.2. every year end

2.2. Agricultural produce at the point of harvest

2.2.1. fair value less cost to sell

2.3. fair value

2.3.1. based on present location and condition

2.3.2. group according to same attributes

2.4. gain/loss

2.4.1. physical change

2.4.1.1. recognised as operating profits

2.4.2. market change

2.4.2.1. recognised in statement of changes in equity

3. CONCEPT

3.1. agricultural activities

3.1.1. harvest of biological assets

3.1.1.1. for conversion to agricultural produce

3.2. agricultural produce

3.2.1. harvested produce from the biological assets

3.3. biological transformation

3.3.1. process of growth,degeneration, production, procreation that causes qualitative and quantitative changes in biological assets

3.4. managed activities

3.4.1. activities to ensure biological assets grow well

4. MFRS141

4.1. applies to

4.1.1. agricultural produce at the point of harvest

4.1.1.1. once harvested=inventory

4.1.2. biological assets

4.1.2.1. living palnt or animal

4.2. not applies to

4.2.1. land used for agricultural activities

4.2.2. intangible assets used for agricultural activities

5. RECOGNITION

5.1. control

5.1.1. right to control resulted from past events

5.2. value

5.2.1. probable future economic benefits

5.3. measurments

5.3.1. faie value/can be measured reliably