biologic Asset
Definitions of terms
Biological assets are documentation animals and living plants
rude aver is the harvested product of an entitys biologic assets.
Harvest is the detachment of produce from a biologic assets or the cessation of a biologic assets brio processes.
Biological Transformation
Biological Transformations comprises the processes of growth, degeneration, production and procreation that cause denary or qualitative lurchs in a biologic asset.
Agricultural activity or simply agriculture
This is the management by an entity of the biological assets for sale or for conversion into agricultural produce or into agricultural produce or into additional biological assets.
Features of Agricultural activity
a) Capability to change- living animals and plants are capable of biological transformations
b) Management of change- the agricultural activity must be managed to advance the biological transformation by enhancing or at least(prenominal) stabilizing conditions necessary for the process to take place.
c) Measurement of Change- the change in quality or quantity brought about by biological transformation or harvest is measured and monitored as a routine management function.
Recognition
Measurement
Biological asset shall be measured on initial realization and at the end of each reporting period at fair value less be to sell.
Agricultural Produce- shall be measured at fair value less costs to sell.
Fair Value of Biological Assets
This presumption can be rebutted only on initial recognition for a biological asset for which market determined prices are not unattached or estimates of fair value are determined to be clearly unreliable. In such cases, the biological asset shall be measured at cost less accumulated derogation and any accumulated depreciation and any accumulated loss loss.
Fair Value of Agricultural Produce
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