BIOLOGICAL ASSET

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BIOLOGICAL ASSET by Mind Map: BIOLOGICAL ASSET

1. DEFINITION

1.1. MFRS 141 - Biological Asset is a living animal or plant except BEARER PLANT

1.1.1. MFRS 116 - Bearer plant is one of the scope of PPE

1.1.2. Plant that bear production that will be harvested

1.2. Not applicable for land & agricultural intangible assset.

2. TYPE OF ACTIVITY

2.1. 1) Agricultural activity

2.2. 2) Biological Transformation

2.3. 3) Agricultural Produce

2.4. 4) Harvest

3. FEATURES

3.1. 1) Capability of change

3.2. 2) Management of change

3.3. 3) Measurement of change

4. RECOGNITION

4.1. MFRS141 - Entity control Asset as Past Event

4.2. Future Economic benefit associated with the asset flow to the entity

4.3. Fair value of asset can be measured reliably

5. MEASUREMENT

5.1. MFRS141 - Initial recognition & Fair Value less cost

5.2. Harvested production measured at Fair Value less cost & sell at point of harvest

6. FAIR VALUE

6.1. MFRS 141 - Asset could be exchange between knowledgeable, willing parties in an arms length trasaction

6.2. Based on present location & condition

6.3. Market basis of pricing

7. DISCLOSURE

7.1. 1) Description of Biological Asset

7.2. 2) Explain why FV cannot be measured reliably

7.3. 3) Depreciation method use

7.4. 4) Depreciation rate used

7.5. 5) Gross Crrying Amount & the accumulated depreciation at beginning & ending of the period