Agriculture Flashcards Preview

ACCT3321: Financial Accounting-Theory and Practice > Agriculture > Flashcards

Flashcards in Agriculture Deck (9)
Loading flashcards...
1
Q

What is the standard

A

AASB 141

2
Q

AASB 114

A

prescribe the accounting treatment and disclosures related to agricultural activity
- establishes the principles of recognising revenue

3
Q

Agricultural ativity

A

the management by an entity of the transformation of biological assets for sale

4
Q

Biological asset

A

living animal or plant

5
Q

biological transformation

A

process of growth, degeneration, production and procreation that cause qualitative or quantitative changes in a biological asset

6
Q

Harvest

A

detachment of produce from a biological asset of the cessation of a biological assets life process

7
Q

recognition

A

biological and agricultural roduce is the same as that of an asset

8
Q

Measurement

A

stated in AASB 141 as fair value, less estimated costs

9
Q

Gains and losses

A

need to be included in profit/loss for the period 5