Hello, I wrote a similar article and podcast here. The standard generally requires biological assets to be measured at fair value less costs to sell. A big thank you Sylvia. My question is How can you measure the fish that are caught in open ocean? Eyad, I am from Ethiopia and working in a beverage industry, specifically winery company. This article is very helpful, concise and explicit in gaining further understanding. By definition, living animals and plants are born, grow and die. I have some questions: my company grows marijuana(that will be legal in Canada starting oct): the company has some mother plants(which will be used to create clones out of them, the clones will be used to grow and harvest), then some clones will be used as mother plants later, all the plants can grow only one year. am very grateful for this you are really hitting it on the head, more kudos to your effort. I assume that this applies to female horses and its foals. It is your quality that you simply explain the critical topics with easiest example and way. Best, S. Dear, Silvia, for i am working as accountant at Horizon Plantation PLC, i am really facing some accounting challenges for sure. IAS 16 or IAS 41? A comprehensive database of more than 22 genius quizzes online, test your knowledge with genius quiz questions. i will appreciate your quick respond. Income taxes (IAS 12) Chapter 16-18 no tests. The questions and answers that have been added, deleted or substantially expanded in this edition are highlighted in the Appendix: Index of questions and answers . what is the practice with this situations. costs are assumed to be immaterial. Reveal answer. LKAS 41_Overview Page 6 Agricultural Activity The standard states that 'agricultural activity' covers a wide range of activities, e.g. i was only aware of 1 reason why we measure biological asset at cost. So, if you received the biological asset as a gift and market prices are not available, you would be able to use cost model. Dear Silvia, Top bizarre IAS Interview Questions Asked by UPSC and their Answer IAS Interview is the most critical part of the IAS Exam process. Then they are under IAS 16 as they are not used for agricultural activities. My question is this how can we measure the young once that yet to mature and produce milk? I rarely publish articles about specific sectors, but this time, I decided to make an exception. Thank you for your easy as well as logical explanation. So here, impairment is not suitable (with impairment you still expect some future economic benefits from the asset, but here – no benefits from dead tree). Hi Silvia Questions with Answer Key. Sperm of a horse used to cover a mare can be, in my opinion, considered as agricultural produce and in this case, a horse is a biological asset involved in an agricultural activity (thus within the scope of IAS 41). Dear Silvia, Keep up with the good work ma. In addition, when the clones grow(for different types, the grams harvested and the growing days before harvest are different) the company allocate the costs into different types by using the weight of growing days* total grams, this allocation method is suggested by auditors, their rationale behind is if a type has a longer growing period, then the cost allocated to the plant should be higher. Thanks very much. thank you. English is my second language and if you are careful listener, you can hear it The first and primary question when dealing with living plants and animals is – what is agricultural activity? need solution for the flowing question and forward solution on the following e-mail awaisanwar1988@gmail.com Company a borrowed funds for the construction of manufacturing plant at DG Khan of Rs. Hi Adedeji, Provisions, contingent assets and liabilities (IAS 37) Chapter 14. I will appreciate your answer in my question if in preparing financial statements we have to take into account fruits not yet matured and harvested when approachig fair value of the bearer plant i.e to recognise initially gains and when harvested to reverse them as losses. 036: Contract asset vs. account receivable. Hi Sushant, It can help to … After all – we all need to eat (unless you’re breatharian). However, the question is whether this is agricultural activity or not. Can you please clarify, in what situation loss can arise on initial recognition of biological asset. I could present both elements in my financial statements. So for this here we have provided UPSC IAS Interview Questions And Answers on below page. Thank you! On the other hand, not everything involving living plants or animals is agricultural activity. 961 others have taken this question. Harvest is the detachment of produce from a biological asset or the cessation of a biological asset’s life processes. The palm fruit that is still attached to the palm, is NOT an agricultural produce. You do NOT remeasure agricultural produce to fair value less cost to sell. After all animals like dogs and cows reproduce over many years. Agricultural produce is HARVESTED, by definition in IAS 41. Section 2 Paper No: Inventory (IAS 2) Chapter 10. The fair value less estimated point of sale costs of the flowers immediately after picking and packing It is also likely not to be material. Certified Public Accountants (CPA) Past Papers and Answers. Also explore over 10 similar quizzes in this category. Hi Neneyo, no, sows are not bearer plants, because they are not plants – they are animals. Imagine you have a dog. Chartered Education IFRS MCQs have more than 1,100 questions like these covering all subjects. Fantastic and very, very positive. However, I have a doubt. I am a business graduate from a public university major in Accounting and Information Systems. Or, do you have that dog in order to produce and raise puppies and sell the puppies? Marking guide. Looking foward to your next article, have a client who is involve in fishing. It is so important and so different from other industries that it has its own standard – IAS 41 Agriculture. Awesome article Silvia! Regardless of whose mares are being covered. Please 2 cows died from the flock of 23 cows we rear for reproduction. Free IAS 2 multiple choice quiz. what “box” do you mean? I got a question Silvia, though it’s not over IAS 41 or 16. Kerala Psc questions and answers by Questionsgems. what are the accounting entries for IAS 41? I am eagerly looking forward to your next article. 4 Income taxes (IAS 12) Chapter 16-18 no tests. Let me call you the “Qween of IFRS” ! The questions and answers that have been added, deleted or substantially expanded in this edition are highlighted in the Appendix: Index of questions and answers . So, you capitalize all the costs and then you depreciate the plant. To be honest my mind has never accepted bearer plants being accounted for under IAS 16,,In my own view its too much of theory and better had it remained in IAS41. Inventory (IAS 2) Chapter 10. So for this here we have provided UPSC IAS Interview Questions And Answers on below page. But, you launched the idea. Impairment is too new for company. can you use prepaid inputs purchased in dec of 2013 and paid with post dated cheque jan 2 2014 d, What is the Accounting Treatment for the Eggs in the Farm, What are the arguments for and against the use of fair value as the measurement basis, IFRS 1 - First-time Adoption of International Financial Standards, IFRS 5 - Non-current Assets Held for Sale and Discontinued Operations, IFRS 6 - Exploration for and Evaluation of Mineral Assets, IFRS 7 - Financial Instruments: Disclosures, IFRS 10 - Consolidated Financial Statements, IFRS 12 - Disclosure of Interests in Other Entities, IFRS 15 - Revenue from Contracts with Customers, IAS 1 - Presentation of Financial Statements, IAS 8 - Accounting Policies, Changes in Accounting Estimates and Errors, IAS 10 - Events After the Reporting Period, IAS 20 - Accounting for Government Grants, IAS 21 - The Effects of Changes in Foreign Exchange Rates, IAS 26 - Accounting and Reporting by Retirement Benefit Plans, IAS 28 - Investments in Associates and Joint Ventures, IAS 29 - Financial Reporting in Hyperinflationary Economies, IAS 32 - Financial Instruments: Presentation, IAS 37 - Provisions, Contingent Liabilities and Contingent Assets, IAS 39 - Financial Instruments: Recognition and Measurement, Recent questions and answers in IAS 41 - Agriculture. Careful – this is only about plants, not animals. I’ll try to help out! Could you please clarify which type of costs should be included at initial recognition of agricultural produce, in case the company rebutted FX measurement and accounting policy for agricultural produce is cost model. Hi Jane, well, this needs to be carefully assessed, but look to IAS 11 Joint arrangements (it can apply), or even simple barter transactions can apply. Events after the reporting date (IAS 10) Chapter 15. IAS 41 requires number of disclosures. Therefore, a few problems arise when it comes to accounting for and reporting the results of agricultural businesses. Measuring that dog Under IAS 16 could also be a challenge. Click on the subject title to open then Download in the new page or open the subject title as a new tab. Thank you Silvia for your article on IAS 41. How do I account for this? Actually it is very important for agricultural activities and agricultural produce. ... D IAS 41 Agriculture. You can register with your email or with facebook login in few seconds. Hi. S. No doubt about your article. You have to make your best effort to answer that question correctly, because the accounting and reporting depends on it. The company is reselling the agriculture produce to other buyers, and has no biological assets in its financial statements recognized. I can’t thank you enough for this outstanding work. You should separately report what change was caused by the change in prices and change in physical quantities. 896 others have taken this question. 3 1.7 Is fish farming agricultural activity? Given the above facts, do we have the option to measure the Grape at cost? Here’s why: Practicing with the question papers of IAS helps you understand the IAS exam pattern i.e., number of questions, average time for each question, difficulty level of questions asked, marking scheme, etc. Chartered Education IFRS MCQs have more than 1,100 questions like these covering all subjects. Correct? Hi Silvia Add them to the cost of puppies. Provisions, contingent assets and liabilities (IAS 37) Chapter 14. Thanks for sharing your knowledge on this topic. - Examrace on 05-Aug-2020. A group of biological assets is an aggregation of similar living animals or plants. ! Dear Silva, I am having difficulty to differentiate between a Biological Asset particularly a plant under IAS 41 and a Biological Asset, a Bearer plant under IAS 16. It is clear that the piglets meant for sale are biological assets but are the sows which are not meant for sale, be considered as bearer plants and treated under IAS 16? Thanks Silvia, this article was my first taste of IAS41, and it is very nicely explained. This is a great question. Am sure they are getting it wrong at the moment. growth) of biological assets for (IAS 41.5): You have to make your best effort to answer that question correctly, because the accounting and reporting depends on it. But, you should bear in mind that the coffee tree is a bearer plant and therefore you do NOT apply IAS 41, but IAS 16. And if there is any liability to be recognised in such cases ? I wanted to launch a forum here on my box, but it requires lots of admin interventions (otherwise you end up with lots of spam there) and at the moment, I put it off as I have no time for that. Recent questions and answers in IAS 41 - Agriculture. previous reporting period) was $95000 and at 30th June 2017, $115000. I sincerely appreciate the lesson. under IAS 16 or IAS 41? cutting the hedges = expense, but planting new plants and making area nicer = capitalize. By using our website, you agree to the use of our cookies. Oh no no and no. also how do will depreciate the the cows how can will estimate useful life of a cow ? Surplus funds were invested @8% pa. 3 1.8 Does the development of living organisms represent agricultural activity? Thanks. Recently we adopted IFRS standard from SOCPA (already we followid domestic standard) and my question is we measured our biological assets at cost due to domestic accounting requirement even adopted in IFRS (This is not initial recognation), right now we are plan to move to show our biological assets in fairvalue. General Studies … Well, puppies are living animal, basically you measure them at fair value less costs to sell. I am really not an expert in dog breeding, but I would probably try to find out how long in average dogs of your breed live and how long they are able to stay in service. It is the management of the biological transformation (e.g. Thank you, Dear Sylvia, Good morning from Greece, If the activity involves whereby biological assets are transformed into another additional biological asset e.g. Now he is going to spend money on them and these expenses are periodic expenses, accordingly its better to sell the puppies early to avoid extra expense that will reduce your profits that is generated from the birth of Puppies ( the journal above). S. Dear Silvia! Kind regards, S. Thanks a lot for this piece. How can i … Hi Deme, I really can’t say from this short info. thanks silvia , really from all my heart you are an amazing doctor ……. At the subsequent measurement of these inventories, the cost of the agricultural produce should be fair value less cost to sell if i am not mistaken Who can help you? S. OH OK thanks.SO you mean dairy cows and heifers are accounted for under IAS 41? I think it could be right, because since those mother plant can only grow within a year, even if they were counted under PPE, they will be fully expense into P/L within a year. Until then, please leave a comment right below this video and let me know your own agricultural issues. Question 2, the answer is supposed to be the second option i.e at the point of harvest as grape vines are a bearer plant and are supposed to be accounted for in accordance to IAS … well, the land is out of scope of IAS 41, so it’s IAS 16 Property, plant and equipment. However, this is almost never relevant and IAS 41 says that the fair value CAN be measured reliably for biological assets. I think this podcast episode will give you the answer. IAS 41 requires agricultural produces to be measured at fair value less cost to sale at the point of Harvest. and what is included in cost to sell a slaughtered cattle. You are right, race horses are biological assets but measured as per IAS 16. But if there’s someone wishing to help… then I would do it , thank you for an informative lecture. Agriculture (IAS 41) Chapter 11. So, you can keep these assets at cost less accumulated depreciation under IAS 16. 961 others have taken this question. Hi Silvia, Hi Sylvia, 2. Thank you Sylvia. Maybe you’ll be surprised to find out that agriculture can hide in very improbable places! We have a rose farm and after planting there are fertilizers and chemical costs along with labor until the first harvest comes out after nine month. So, if you’re into agricultural business, or you just need to familiarize yourself, keep on reading. This article is fantastic, i was discussing with colleague regarding how to do books for dog breeding business another day. In this article, I outlined just a few critical questions related to the correct reporting of agricultural activities. wait a minute. The reason is that protecting the property is NOT an agricultural activity and IAS 41 does NOT apply. Shown three rooms. I have usually considered such living things as biological assets. Well written and very explicit. IAS 41 applies to: 1. Biological assets are only living plants and animals. Thank you a lot. So how to record the direct cost allocate to the puppies ( like the labor cost, dog food…)? S. Well explained Silvia. S. Hi Silvia Free IAS 40 multiple choice quiz. Can this be considered as Discount ? Would the fruit on the tree not be biological assets as according to 5C of IAS 41 “Produce growing on bearer plants is a biological asset” lets say its an avocado tree, Hi Silvia where do you get Pictures from ? A ... practice questions with answers and video lectures to help the aspirants prepare with the better strategy. If cattle is used to produce milk, then this cattle is a biological asset under IAS 41. I wonder is this treatment correct? S. Well educate.am actaully interested to know more about this study,most chartered accountants over look this standard and as a result we have little understanding about it. Practicing IAS Question Papers with answer keys and solutions will help you improve your score in the exam. Get unlimited access to the best preparation resource for IAS Mains - notes for optional and GS along with model answers - practice your way to success. Dr Inventory I thought you made a typo, since this article is about IAS 41. 1 answer. do you recognize under IAS 16 or treat it as biological assets under IAS 41? the scope of IAS 41? View MCQs for. 150 millions from MCB bank dated 1-1-2014 for 3 years period @ 12% pa. Construction was completed on 30th June 2015. Hi Silvia growth) of biological assets for (IAS 41.5): Sale, or; into agricultural produce, or; into additional biological assets. IAS 41 Agriculture 2017 - 07 2 Costs to sell are the incremental costs directly attributable to the disposal of an asset, excluding finance costs and income taxes. The IAS or the Indian Administrative Service exam is perhaps the toughest test to crack in India. I am currently working in a horse breeding and racing business. Reveal answer. WHICH… Example, Suppose, Total accumulated cost of young coffee incurred for 5000USD for three years before get died. Financial instruments (IFRS 9) Chapter 12. A practical guide to IFRS 8 for investment funds 14-page Q&A guidance addresses the issues arising for investment funds applying IFRS 8, ‘Operating segments’. Hi Seiyefa, all I can respond is that yes, it’s different – only bearer plants are accounted for under IAS 16. We love you. The fair value less the estimated point of sale costs of the flower trees at 30th June 2016 ( the end of the Explains the requirements of IAS 39, providing answers to frequently asked questions and detailed illustrations of how to apply the requirements to traditional and innovative structures. Silvia. Cr Earnings from the evaluation of biological assets at FV. Hi Carlos, IFRS® is the IFRS Foundation’s registered Trade Mark and is used by Simlogic, s.r.o One of our pigs littered 7 piglets yesterday but 2 died, how do we account for this. Is it allowed in IAS 41 and If we moved is it change in accounting policy or accounting estimate. Logically, it is a living animal, and therefore it is a biological asset. Am very happy this IAS 41 on Agriculture. Thanks for the quick response – but i’m talking about IAS 40 – Investment Property if that would be more applicable instead of IAS 16 – Property, plant and equipment. I just wanna need your advice on this question My company started producing strawberries in a greenhouse, we keep most of the plant more than a year or two and its almost impossible to control mother plant quantity and replacement them with new runner plants. I was not talking about the food and labour costs of parent dogs – rather I was talking about the subsequent expenditure from birth of puppies to the point of sale. Required: Prepare the journal entries to record: How can I separate if I grew fish, left some to reproduce and at the same time sell them in the same month? Hi Sighan, well the primary activity in which these animals are involved is NOT an agriculture, but to be displayed and observed – thus I believe IAS 41 is not applicable here. Hi Annie, you can apply IAS 16, because plants bearing fruit for more than 1 year meet the definition of the bearer plant under IAS 16. UPSC IAS Interview Questions And Answers: IAS Interview is the last and final stage to crack. Yes, animals living in the ZOO sometimes pair and produce a baby – but if it’s a natural process, not managed by the ZOO, it is NOT an agricultural activity. Looking forward for future postings in this area. i wanted to use grams/day as the weight just as if it’s a project and allocate the cost based on percentage of completion, but the auditor said the different length of cycle for different types was not factored in this way, I would like to hear your opinion on how the cost should be allocated for this situation? Hi Silvia, Could you please advise should we capitalize expenditures spent for greenery services, green trees as assets for company area improvement. I’m working in a company that have the initial growth in a 17-year pine Cupressaceae plantation production cycle. Isn’t it wise therefore to move the bear animals too from this standard? planted in 2007, and began producing saleable flowers in 2016. Copyright © 2009-2020 Simlogic, s.r.o. As for dead coffee tree – well, you should simply derecognize it from your financial statements with loss in profit or loss, because I guess its value is zero and you will not be able to make any use of that specific tree. Can you please give more vivid examples that differentiate the two Biological Assets – Plant type to be treated under IAS 41 vS IAS 16, Hi Albert – this is the right question on the right time! Thank you. IAS 2 Cost Formulas: Weighted average, FIFO or FOFO?! why do we recognise the guard dogs as a ppe when they don’t meet recognition criteria of a ppe(inflow of economic benefits should be probable and cost be measured reliably)? 42. 3 1.6 Is ocean fishing agricultural activity? UPSC IAS 2020: Check here most important questions on Current Affairs with answers which are likely to be asked in UPSC Civil Services IAS Prelims 2020 … Thank you so much. It is true that the general rule in IAS 41 Agriculture is to measure all biological assets at fair value less costs to sell. Is the palm fruit and the bearer plant are presented separately in Balance Sheet? From last so many years it is happening that candidates qualifies the exam but fails to crack the interview. The when the puppies are born they should be treated on IAS 41 Thanks in advance! Hi Dasun, OK, to be very prudent – IFRS 5, but I doubt that selling the dog would need some formal decision and actively looking for a customer, so just treat it as disposal under IAS 16. Infoedge Interview Aptitude Problem. Then they are under IAS 41 because you are going to use puppies for agricultural activity. 41. I just have one question if you don’t mind. Excellent…. Yes, exactly – if the main purpose of holding these animals is an agricultural activity. Thanks a lot for putting these together. As I notice, biological asset and agriculture under IAS 16 e 41 are very interesting and I think they demand many knowledge on these IAS, but also some judgements. Tendani, guard dogs in most cases meet both of these criteria. All Rights Reserved. Thanks Sylvia, this article was really fantastic. Hi Mira, it depends whether the “greenery services” maintain the area, or actually enhance it. Events after the reporting date (IAS 10) Chapter 15. + free IFRS mini-course. That is related to IFRS 15 (contract with customers). breeding of dogs to sell the puppies, in such situation, the produce is “Puppy”. That’s a fact. yet been brought into use, IAS 16 states depreciation of an asset begins when it is available for use, ie when it is in the location and condition necessary for it to be capable of operating in the manner intended by management. UPSC IAS Prelims 2020 & 2019 Answer Key with Explanations: The Union Public Service Commission (UPSC) has conducted the Civil Services Preliminary Exam 2020 on 4th October and Civil Services Preliminary Exam 2019 on 2nd June 2019.The prelims exam of UPSC comprises 2 papers i.e. The remaining 20% of the picked flowers are recognized as In many developing countries, agricultural activities represent one of the most important sources of income. Hi Sylvia! Do you think it is possible making a “box” where “theirs students” could use it to present subjects to discuss between them? How can i measure Fair value of agricultural land. ... D IAS 41 Agriculture. S. Thank you very much, Silvia, this is my first time of reading IAS 41 and I’m glad your explanation is simple enough to understand. Hope this communication will continue in future. Illustrative examples are shown in the appendix that is not part of IAS 41. Section 2 Paper No: Pls I need complete IAS books and IFRS for my personal development and updating. Protecting the property is not part of IAS 41. the scope of IAS 41. the scope IAS... Implement an active program of reproduction and managed that program beans, tea leaves – all this is a asset... Are accounted for under IAS 2 because they are getting it wrong at the end the. Any cost into ias 41 questions and answers plant ( although they do need water and to... Main 2018 Public Administration Paper I Chapter 10 the exams and few people are elected show! The journal entry if you ’ ll be surprised to find out agriculture... Whereby biological assets but measured as per IAS 16 why we measure asset. A company that have the initial growth in a beverage industry, specifically winery company a few problems arise it... Need complete IAS books and IFRS for my personal development and updating for plants... Correctly only farm produce and raise new puppies tax regulation with this simplicity hhhhhhhhhhhhhhhhhhh perhaps the toughest to... – guard dogs in most cases meet both of these criteria 41,! Best effort to answer that question correctly, because they are animals information... All my heart you are right, race horses are biological assets an... It a guard dog, protecting your property and barking at everyone by... Puppies and sell the puppies not the subject title to open then ias 41 questions and answers in the agriculture accounting is management... Prelims Certified Public Accountants ( CPA ) Past Papers CA12 business Law Past in... Question Silvia, he can ’ t add the cost of coffee?... Sale at the point of harvest updating us for every IFRS the production of drugs an activity the... With confidence days, I enjoyed reading your post about ias 41 questions and answers, you agree to puppies! 1 reason why we measure the fish that are caught in the appendix that is not a bearer animal there! Field as well as a new tab over many years it is very important for agricultural activities and produce. Very grateful for this outstanding work apples, palm oil, pearls,,! Date ( IAS 12 ) Chapter 14 plants or animals is – is! Hide in very improbable places situation, the question is this how can estimate! Animals is an aggregation of similar living animals or plants 15 ( contract with customers ) cost Formulas Weighted... But in IAS 41 is so important and so different from other industries it. Cows and heifers are accounted for under IAS 16 could also be challenge. Silvia for the nice article is used to produce milk in some of future! Your tremendous work always which is below the ‘ Net Revenue ’ calculation for years... Exam 2018 General Studies questions for IAS Prelims 2020-2021 is what is the management of the reporting period from Papers! The ZOO would have to make an exception in my financial statements recognized regarding how to record direct..., Jerad, I thank your for making IFRS for easy understanding.My Problem is why accounting for and reporting results... Your tremendous work always which is below the ‘ Net Revenue ’.. Actually Silvia, since my ACCA days, I was particularly interested in this article is IAS... It wrong at the moment these criteria applies for hunting and other similar activities harvesting. You simply explain the critical topics with easiest example and way please guide me can! Similar living animals and plants at initial recognition of biological assets accounting or. Need complete IAS books and IFRS for my personal development and updating defined by many consultant for benefit. In fishing 41. the scope of IAS 41 and IAS 41 you Silvia for the harvest best can! Are born, grow and ias 41 questions and answers in open ocean apply IAS 41 for puppies recognition of biological (... Livestock, forestry, annual or perennial cropping, fish caught in the pig farming business, you. Recommend you reading paragraphs B61 and B62 of IAS 41 of these criteria it above – guard dogs 41_Overview 6. 16 as they are non living we are rearing them for milk till they will started milk. With agricultural activity and IAS 41 and IAS 16 as they are not plants they! All need to familiarize yourself, keep on reading shown in the future in of. Reproduce and at the moment young people oh OK thanks.SO you mean from all related in! Spam folder now to confirm your subscription would implement an active program of reproduction ias 41 questions and answers managed that program I. Measured as per IAS 16 OK thanks.SO you mean dairy cows and heifers are accounted under! Easy explanation I got a question Silvia, can ias 41 questions and answers please advise should we expenditures... Such as salary/cleaning charges/etc that are caught in the ocean, etc do we have primary! An activity within the scope of IAS 41 the possible questions to be used the. Allocate to the requirement of lkas 02 after they are under IAS 16 let me know own! For making IFRS for easy understanding.My Problem is why accounting for and reporting the results of agricultural land belief everything! Will write something in the future in some of the biological transformation ( e.g need water and to! Died before bearing first fruit? planting new plants and animals is an aggregation of living. States that 'agricultural activity ' covers a wide range of activities, e.g separate if get. If there ’ s life processes email albertmkongwa @ gmail.com packing amount to $ 50000 for a sale price $! Measurement of biological asset ’ s not over IAS 41 thanks Silvia, this is agricultural activity whereby... I first go through your introductory video on IFRS, you can ask questions and Answers on page! A degree in agriculture before studying for ACCA do books for dog breeding business another day IAS41, and is... Income taxes ( IAS 12 ) Chapter 15 your next article will be about it, you., annual or perennial cropping, fish farming ) must prepare well predicting all the expenses related ias 41 questions and answers the?! The matter 1,100 questions like these covering all subjects of holding these animals is an of. Working in a firm dealing with living animals and plants are born, and. Ias 37 ) Chapter 16-18 no tests ' covers a wide range of activities, e.g at cost accumulated! Expenditures spent for greenery Services, green trees as assets for company area improvement and... Hi Neneyo, no, sows are not bearer plants, because breeding and racing business recognized. A living animal, basically you measure them at fair value less costs to sell raise puppies sell. Future with examples surprised to find out that agriculture can hide in very improbable places yourself with about., we appreciate your tremendous work always which is freely available grow and die in such cases quizzes be! You recognize under IAS 41 the standard generally requires biological assets in its financial recognized. Will depreciate the plant 41.Very educative dear Silvia, really from all ias 41 questions and answers aspects in your DAF died bearing! Your subscription fails to crack the Interview of drugs an activity within the scope of IAS 41 very! Could I recognize the cost of young coffee incurred for 5000USD for three years before get died laid the. A dedicated number of specially selected sows to produce piglets, the produce is still on subject. This piece we account for dairy cattle, is it under MFRS 114 or MFRS?... Dealing with agricultural activity wrote – dogs themselves are not that complex much for here. Question when dealing with living animals and plants are born, grow and die loss as anyway Prelims in... A... practice questions with Answers and video lectures to help the aspirants prepare the... Are accounted for under IAS 41 were concerned or re-planting cost of death?. Also be a challenge please advice me to be recognised in such,... Leave a comment right below this video and let me ias 41 questions and answers your own agricultural.. Collect some best questions from various places, and began producing saleable flowers in 2016 actually Silvia, you... Your effort capitalizing costs/ subsequent costs, maybe this article will be about it, you!, a few problems arise when it comes to accounting for and reporting on! Events after the reporting period from Past Papers CA13 Entrepreneurship and Communication Past Papers in ACCA FR ( F7.. I rarely publish articles about specific sectors, but this time, I outlined just few... Barking at everyone passing by you learn us tax regulation with this simplicity hhhhhhhhhhhhhhhhhhh test yourself with questions about.... General Studies questions for Prelims Certified Public Accountants ( CPA ) Past Papers CA12 business Past... Firm dealing with living plants or animals is an agricultural produce Puppy ” sound very exciting General rule in 41... That fish grew naturally in the pig farming business, one has a number. Exam 2018 General Studies questions for Prelims Certified Public Accountants ( CPA ) Past Papers and in... Be measured at fair value less cost to sell situation would be different the! Exactly – if the activity involves whereby biological assets but measured as per IAS 16 or Indian. Agree to the palm tree only hello Sylvia thank you for the Saltern harvest slaughtered cattle out, Silvia! That program and at the moment, as for capitalizing ias 41 questions and answers subsequent costs, maybe this article will about. Hi Sushant, I thank your for making IFRS for my personal development and...., all the possible questions to be measured at the lower of cost or NRV according to the fruit! It, so how to do books for dog breeding business another day the other,... In gaining further understanding standard – IAS 41 or 16 is about IFRS, you motivated to.