BIOLOGICAL ASSET

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BIOLOGICAL ASSET by Mind Map: BIOLOGICAL ASSET

1. Issues

1.1. Based on its present location and condition

1.2. The issue of bearer plants

2. Definition

2.1. Key terms:

2.1.1. Agriculture activity

2.1.2. Biological transformation

2.1.3. Agriculture produce

2.1.4. Harvest

2.1.5. MFRS 141 Agriculture Living animal/plant

3. Common features

3.1. Capable to change

3.2. Management of change

3.3. Measurement of change

4. Differences

4.1. Biological Asset

4.1.1. e.g. sheep, fruit trees

4.2. Agriculture produce

4.2.1. e.g. wool, picked fruits

4.3. Harvest

4.3.1. e.g. carpet, processed fruits

5. Fair Value

5.1. Based on its present location and condition

6. DEFITION

6.1. Under MFRS141

6.1.1. At its fair value less cost to sell when the fair value can be measured reliably

6.2. Agriculture produce

6.2.1. At its fair value less costs to sell at the point of harvest

7. Recognition

7.1. The entity controls the assets as a result of past event

7.2. It its probable that future economic benefit associated with the asset will flow to the entity

7.3. The fair value or cost of the asset can be measured reliably

8. Disclosure

8.1. The aggregate gain or loss that arise during the current period on initial recognition of biological asset and agricultural produce

8.2. A description of each group of biological assets

8.3. The nature of activities involving each group of biological assets period