Chapter 8 Agriculture
Chapter 8 Agriculture
Chapter 8 Agriculture
Chapter 8 Agriculture
Learning Objectives
Agricultural Activity
a. Capability to change
b. Management of change
c. Measurement of change
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MODULE ACCOUNTING FOR GOVERNMENT AND NON-PROFIT ORGANIZATIONS
Definitions
Cotton Clothing
Measurement
Biological assets - initially and subsequently measured at fair value less costs
to sell. Gain or losses arising from measurement are recognized in surplus or
deficit.
Agricultural produce - initially measured at fair value less costs to sell at the
point of harvest.
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MODULE ACCOUNTING FOR GOVERNMENT AND NON-PROFIT ORGANIZATIONS
Fair value xx
If there is more than one active market, the entity shall use the price in the
market expected to be used.
If there is no active market, the entity shall estimate the market price based on
one of the following:
Sector benchmarks
Disclosures
Bearer Biological Assets – are those that are self-generating and are used
repeatedly for more than one year.
The amount of change in fair value less costs to sell due to physical changes and
due to price changes.
Reference: