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Chapter 5 Agriculture
Chapter 5 Agriculture
Related standard:
PAS 41 Agriculture
Learning Objectives
• Identify the scope of PAS 41.
• Differentiate the following: biological assets,
agricultural produce and inventory.
• State the initial and subsequent measurement of
biological assets and agricultural produce.
• Account for government grants that are within the
scope of PAS 41.
Scope
BIOLOGICAL ASSET
INVENTORY
INVENTORY
AGRICULTURAL INVENTORY
PRODUCE
Consumable vs. Bearer biological assets
Biological assets are either consumable or bearer.
a. Consumable - those that are to be harvested as agricultural
produce or sold as biological assets. Ex. Timber
b. Bearer - those other than consumable biological assets. Ex.
Fruit tree