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BIOLOGICAL ASSETS by Mind Map: BIOLOGICAL ASSETS

1. KEYTERMS

1.1. AGRICULTURE ACTIVITIES

1.1.1. Capability to changes

1.1.2. Management of changes

1.1.3. Measurement of changes

1.2. BIOLOGICAL TRANSFORMATION

1.3. AGRICULTURE PRODUCE

1.4. HARVEST

2. ISSUES

2.1. BASED ON ITS PRESENT

2.1.1. Location

2.1.2. Condition

2.2. BEARER PLANTS

2.2.1. MFRS 141

2.2.2. MFRS 116

3. RECOGNITION

3.1. CONDITIONS (MFRS141)

3.1.1. >The entity controls the assets as a result of past events

3.1.2. >It is probable that future economic benefit associated with the asset

3.1.3. >Fair value or cost of the asset can be measured reliably

3.2. CONTROL (AGRICULTURE ACTIVITY)

3.2.1. >Legal ownership of the assets (may be the evidence)

3.2.1.1. i.e the ability to pledge the asset

3.2.2. >Exposure of risks & rewards of the ownership of the assets

3.2.3. >EXAMPLES

3.2.3.1. #Legal ownership of the cattle and branding

3.2.3.2. #Marking of cattle on acquisition

4. DISCLOSURE

4.1. Aggregate gain/loss of current period of initial recognition of BA & AP

4.2. Description each group of BA

4.3. Nature of activities

4.4. Non-financial measures

4.4.1. During the period - output of AP

4.4.2. End of period - each BA

4.5. FV (-) costs to sell of AP

4.6. The existence and CA of BA & CA of assets

4.7. Amount of commitments for the development and acquisation

5. MEASUREMENT

5.1. INITIAL/SUBSEQUENT

5.1.1. End of the year

5.1.2. FV (-) cost to sell

5.1.3. AP harvested from BA=>FV (-) cost to sell at the point harvest

5.2. FAIR VALUE

5.2.1. The amount for which the asset could be exchange between knowledgeable, willing parties in an arm's length transaction

5.2.2. Based on its present location & condition

5.2.3. Group biological assets or agricultural produce according to their significant attributes

5.2.3.1. Age

5.2.3.2. Quality

5.2.3.3. Selection of attributes are corresponding to the attributes used in the market for basis pricing

5.3. JOURNAL ENTRIES

5.3.1. dr BA, cr CASH

5.3.2. dr BA, cr P&L