I sincerely appreciate the lesson. My next article will be about it, so please watch out , Dear Silvia, Thanks for your response. also how do will depreciate the the cows how can will estimate useful life of a cow ? Hi Adedeji, Well, puppies are living animal, basically you measure them at fair value less costs to sell. 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. Agricultural produc… Keen to learn hw should they account for the harvest. Dear Silva, I thank your for making IFRS for easy understanding.My problem is why accounting for bearer plants different from bearer animals. 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. This article is fantastic, i was discussing with colleague regarding how to do books for dog breeding business another day. We generate a revenue from this through the service fees. Questions with Answer Key. So, you can keep these assets at cost less accumulated depreciation under IAS 16. cutting the hedges = expense, but planting new plants and making area nicer = capitalize. 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. Chapter 10. I could present both elements in my financial statements. 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. Hi Neneyo, no, sows are not bearer plants, because they are not plants – they are animals. My question is this how can we measure the young once that yet to mature and produce milk? S. OH OK thanks.SO you mean dairy cows and heifers are accounted for under IAS 41? It is an agri business and they are biological assets but the biological transformation doesn’t relate to the dog or horse but to the sheep or cattle. Dear Silvia, Fantastic and very, very positive. Thanks. Tendani, guard dogs in most cases meet both of these criteria. Why? I think this podcast episode will give you the answer. Also, this exemption is available ONLY at initial recognition, never later. Best, S. Dear, Silvia, for i am working as accountant at Horizon Plantation PLC, i am really facing some accounting challenges for sure. I love how you teach through your articles. Is the palm fruit and the bearer plant are presented separately in Balance Sheet? Hello, I wrote a similar article and podcast here. IAS 10 Events After The Reporting Period from past papers in ACCA FR (F7). 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. Who can help you? Subsequently, you measure these inventories either at cost (that is the fair value less cost to sell AT THE POINT OF HARVEST), or NRV (net realizable value = fair value less cost to sell AT THE REPORTING DATE), whichever is lower. Enjoy ! Pls I need complete IAS books and IFRS for my personal development and updating. a) The changes in the fair value of the biological assets between ends of the two reporting periods. The fair value less estimated point of sale costs of the flowers immediately after picking and packing The first room is on fire second guns with the … I’m working in a company that have the initial growth in a 17-year pine Cupressaceae plantation production cycle. 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 … Thanks very much. Scope : Land and intangible assets This Standard does not apply to: Thank you! Eric should expense these expenses directly ( period Cost). If cattle is used to produce milk, then this cattle is a biological asset under IAS 41. I have usually considered such living things as biological assets. Events after the reporting date (IAS 10) Chapter 15. The reason is that protecting the property is NOT an agricultural activity and IAS 41 does NOT apply. under licence during the term and subject to the conditions contained therein. Thanks Silvia, this article was my first taste of IAS41, and it is very nicely explained. A group of biological assets is an aggregation of similar living animals or plants. Hi. It helps me lot to train our audit staff here. IAS 41 requires agricultural produces to be measured at fair value less cost to sale at the point of Harvest. A killer was sentenced to death. 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). Eyad, Dear Carlos, amount to $100000. Quiz: IAS 38 Intangible assets (Basic) Adeel July 5, 2016 July 4, 2016 No Comments on Quiz: IAS 38 Intangible assets (Basic) The quiz tests your basic understanding of accounting for Intangible assets (International Accounting Standard 38) 4 1.10 What is biological transformation? Provisions, contingent assets and liabilities (IAS 37) Chapter 14. Looking foward to your next article, have a client who is involve in fishing. One question for you, How can you estimate the useful life of a dog and how easy will it be to choose either a straight line or a reducing balance depreciation policy if treating a guard dog under IAS 16. ? The fair value less the estimated point of sale costs of the flower trees at 30th June 2016 ( the end of the + free IFRS mini-course. Awesome article Silvia! Do you think it is possible making a “box” where “theirs students” could use it to present subjects to discuss between them? How should we treat these costs. Free IAS 40 multiple choice quiz. 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’s the rule. The harvested products of biological assets are agricultural produce. Chartered Education IFRS MCQs have more than 1,100 questions like these covering all subjects. Btw, i have some question. Thank you for this article. In 2015, ABC Limited established and commenced operation of an Flower business in Suva. So to my understanding a company whose business is in Fish Farming (buys small fish , places them in fish pens, feed them and then when they reach the desirable/saleable size they are harvested and sold) , then IAS 41 applies. Question 3d - June 2016 Sample. QUESTION 2: Adarsh and Anupam two twins born in May, but their birthday is in June | How is that … You do NOT remeasure agricultural produce to fair value less cost to sell. I am from Ethiopia and working in a beverage industry, specifically winery company. Agricultural activity is the management by an entity of the biological transformation (the process of growing, degenerating, production and procreating that causes qualitative or quantitative change in the biological asset. I’ll try to help out! Based on my understanding of this article, our horses should be classified as follows: * race horses – a PPE and should be accounted at cost and to be depreciated (IAS 16) Dear Sylvia, S. Thank you Silvia. 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. After all – we all need to eat (unless you’re breatharian). answered Apr 10, 2018 in IAS 41 - Agriculture by Naman. Whether to apply IAS 2 or IAS 41 for Puppies? On the other hand, not everything involving living plants or animals is agricultural activity. Well, once you detach the agricultural produce from a biological asset, in other words – once you harvest the produce, it becomes your inventories and you apply IAS 2 Inventories. I am currently working in a horse breeding and racing business. By the way – just to make it precise – race horses are also biological assets, because they are living animals, but they do not fall within the scope of IAS 41 as they are not primarily involved in an agricultural activity. One of our pigs littered 7 piglets yesterday but 2 died, how do we account for this. IAS is the best career option for young people. This tells it all about the importance of agriculture. ! My question is How can you measure the fish that are caught in open ocean? English is my second language and if you are careful listener, you can hear it We love you. The standard generally requires biological assets to be measured at fair value less costs to sell. Since my ACCA days, I was still unsure when IAS 41 or related areas were concerned. Previously such costs were capitalized in GAAP. 036: Contract asset vs. account receivable. Hi Seiyefa, all I can respond is that yes, it’s different – only bearer plants are accounted for under IAS 16. Reveal answer. Careful – this is only about plants, not animals. Check your inbox or spam folder now to confirm your subscription. 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. Correct? Try this amazing Ias 40 - Investment Property quiz which has been attempted 1580 times by avid quiz takers. Pls let us know how best I can help you for future projects. A comprehensive database of more than 22 genius quizzes online, test your knowledge with genius quiz questions. The first and primary question when dealing with living plants and animals is – what is agricultural activity? Note: depreciation cannot be calculated in this question as Having that, we appreciate your tremendous work always which is freely available. Or this needs to considered as Cost of Sales, which is below the ‘Net Revenue’ calculation. Test yourself with questions about B7g. By definition, living animals and plants are born, grow and die. - Examrace on 05-Aug-2020. Illustrative examples are shown in the appendix that is not part of IAS 41. IAS 41 applies to: 1. IAS 2 Cost Formulas: Weighted average, FIFO or FOFO?! Click on the subject title to open then Download in the new page or open the subject title as a new tab. I got a question Silvia, though it’s not over IAS 41 or 16. It is also likely not to be material. If yes, then you should NOT apply IAS 41, but IAS 16 Property, plant and equipment and measure the dog at cost less accumulated depreciation. If the agricultural produce is still attached to the bearer plant (e.g. Thank you very much. In many developing countries, agricultural activities represent one of the most important sources of income. A ... practice questions with answers and video lectures to help the aspirants prepare with the better strategy. Note: depreciation cannot be calculated in this question as By using our website, you agree to the use of our cookies. S. Hi Silvia, thanks for the nice article. 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? Is it a guard dog, protecting your property and barking at everyone passing by? How can i recognize the accumulated cost of Young coffee if young coffee died before bearing first fruit?? Imagine you have a dog. 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. The reason is that although most of you do NOT deal with agriculture, it is still one of the most important industries in the world. IAS interview questions and answers. 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 am not working in this field but i think it,s very interesting standard It can help to … God bless, Thank you lot for updating us for every IFRS. growth) of biological assets for (IAS 41.5): Sale, or; into agricultural produce, or; into additional biological assets. After all animals like dogs and cows reproduce over many years. I am a business graduate from a public university major in Accounting and Information Systems. As for the rental, it depends on whether the company applies new lease standard IFRS 16 or the older IAS 17. UPSC IAS Interview Questions And Answers: IAS Interview is the last and final stage to crack. ... D IAS 41 Agriculture. On a magical-intellectual land of gpuzzles , all the animal are … 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’. Financial instruments (IFRS 9) Chapter 12. Thank you in advance! 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. Chapter 19. Agriculture (IAS 41) Chapter 11. the company doesnt allocate any cost into mother plant(although they do need water and fertilizer to grow). Thanks for the easy-to-follow explanations. With a little tweak you have laid bare the matter. Hi Silvia raiiising lliivestock, forestry, annual or perennial cropping, cultivating orchards and plantations, floriculture, and aquaculture (including fish farming)'. However, becoming an IAS officer is not easy because millions of people take the exams and few people are elected. My question is what is the journal entry if you capitalise a new baby animal under 41? I don’t however understand the basis of moving only bearer plants from IAS 41. there are also bearer animals and I believe that in most cases it may be impracticable to fair value them(my opinion though). Anyway, I would kindly recommend you reading paragraphs B61 and B62 of IAS 41. Or expensed outright? Measuring that dog Under IAS 16 could also be a challenge. IFRS® is the IFRS Foundation’s registered Trade Mark and is used by Simlogic, s.r.o Multiple Choice Questions for IAS Prelims 2020-2021. Some companies do as you described, but some of them add to the carrying amount and then treat all the change as the fair value change – for me, the second approach is more appropriate, because unarguably the fair value change includes the change caused by feeding and staff working. Hi Silvia Then they are inventories under IAS 2. How can i … Thank you, Jerad, I appreciate your kind words and your offer, too . Surplus funds were invested @8% pa. You should separately report what change was caused by the change in prices and change in physical quantities. 3 1.8 Does the development of living organisms represent agricultural activity? and what is included in cost to sell a slaughtered cattle. Oh no no and no. Harvest is the detachment of produce from a biological asset or the cessation of a biological asset’s life processes. You have to make your best effort to answer that question correctly, because the accounting and reporting depends on it. inventories at the end of the reporting period. the scope of IAS 41? Acowtancy. How can i measure Fair value of agricultural land. S. Dear Silvia! Chapter 10. So, if you received the biological asset as a gift and market prices are not available, you would be able to use cost model. In the pig farming business, one has a dedicated number of specially selected sows to produce piglets. Should I apply IAS 41 or IAS16 with strawberries? Copyright © 2009-2020 Simlogic, s.r.o. (for example, raising livestock, forestry, annual or perennial cropping, fish farming). Subsequently it should be measured at the lower of cost or NRV according to the requirement of LKAS 02. The company buys materials, gives them to the other party which handles the production, and buys the agricultural produce back at the price the company can determine with great extent. Hi Deme, inventories and biological assets. Thank you Silvia for your article on IAS 41. Unlike other industries, agriculture works with living animals and plants. Silva, Really you are amazing. The palm fruit that is still attached to the palm, is NOT an agricultural produce. 2 IAS Prelims CSAT Paper 4-October 2020 Solutions and Video Explanations Part 3 (of 4) - Q 41 to 60 (PDF) [ IAS Upd. Silvia, could you please clarify: Working animals – Working dogs and horses on farms So for this here we have provided UPSC IAS Interview Questions And Answers on below page. It is your quality that you simply explain the critical topics with easiest example and way. How do I account for this? I wonder is this treatment correct? I work for a farm that breeds cattle for sale, i face a challenge especially when preparing statement of profit or loss because if i have not made sales then what revenue will i recognize in the SOPL or i prepare my statement after making a sale? 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). Thanks Silvia. Are you going to raise them into adult dogs and raise new puppies? Kerala Psc questions and answers by Questionsgems. Infoedge Interview Aptitude Problem. Apples, palm oil, pearls, milk, coffee beans, tea leaves – all this is agricultural produce. 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 . Reveal answer. Certified Public Accountants (CPA) Past Papers and Answers. You can register with your email or with facebook login in few seconds. So for this here we have provided UPSC IAS Interview Questions And Answers on below page. $50000. 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. 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? NEW: Online Workshops – US GAAP, IFRS and other, this podcast episode will give you the answer. When I first go through your introductory video on IFRS, you motivated everyone to believe that IFRS are not that complex. Further more, there are only two companies working in the Winery industry which they produce their own unique Grape for further processing to produce wine. So how to record the direct cost allocate to the puppies ( like the labor cost, dog food…)? E.g. Marking guide. Thank you a lot. Kind regards, S. Thanks a lot for this piece. Makes me wish I worked in a firm dealing with agricultural activity. Also, guarding is very steady activity, I don’t think there’s a reason to apply reducing balance method, but the straight line is more appropriate. 150 millions from MCB bank dated 1-1-2014 for 3 years period @ 12% pa. Construction was completed on 30th June 2015. 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. It is true that the general rule in IAS 41 Agriculture is to measure all biological assets at fair value less costs to sell. Civil Services (Preliminary Exam) 2014 Question Papers. Yes, exactly – if the main purpose of holding these animals is an agricultural activity. You made accounting for agricultural activity sound very exciting! 1 answer. please we have farm where we are rearing them for milk till they will started produce milk. PART I Section 1 Paper No: CA11 Financial Accounting Past Papers CA12 Business Law Past Papers CA13 Entrepreneurship and Communication Past Papers. 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. You are really special regarding IFRS. UPSC conducted the UPSC Civil Services IAS Prelims CSAT in the evening session on 3rd June 2018. Hi Sylvia and thank you so much for this perfect article, my questions is, how can we treat the raised puppies? Hello, planted in 2007, and began producing saleable flowers in 2016. Therefore, a few problems arise when it comes to accounting for and reporting the results of agricultural businesses. I was particularly interested in this standard because I obtained a degree in Agriculture before studying for ACCA. If it is still on the palm tree, then you would show the palm tree only. Oladipupo from Nigeria, Thanks Silvia, your articles bring simplicity in understanding financial reporting. Reveal answer. That’s a fact. That allows you to use cost less depreciation. I would like to know if it’ll be incorrect for a zoo to apply IAS 40 for animals in the zoo, since they are used to generate income. However, I have a doubt. In this case, IAS 41 applies, because breeding and selling puppies is an agricultural activity. Keep up with the good work ma. The questions and answers are numbered in steps of 10 so that future questions and answers can be added without breaking the flow of the commentary on fair value measurement. 961 others have taken this question. 150 millions from MCB bank dated 1-1-2014 for 3 years period @ 12% pa. Construction was completed on 30th June 2015. Reveal answer. Please i work for a onstruction company but recently the company bought a land and rented some land for cassava plantation ,Pig farming and cow rearing.Please ma ,how should i treat this in the financial statement .I am really lost and need help .please what is the treatment. In this article, I outlined just a few critical questions related to the correct reporting of agricultural activities. This is a relatively new thing in both IAS 41 and IAS 16 adopted in 2014. 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. 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. Leases (IFRS 16) Chapter 13. Agricultural produce is HARVESTED, by definition in IAS 41. Thanks for sharing your knowledge on this topic. Hi Silvia, Actually Silvia, he can’t add the cost of raising the puppies to the puppies !!! Please, Should I capitalize up-rooting cost of coffee tree and infilling or re-planting cost of coffee too? S. Well explained Silvia. 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. I just wanna need your advice on this question 3 1.6 Is ocean fishing agricultural activity? But if there’s someone wishing to help… then I would do it , thank you for an informative lecture. Your examples make the application so clear. Oh, yes, I think I was right. ... D IAS 41 Agriculture. Financial instruments (IFRS 9) Chapter 12. 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 … IAS 37 - Provisions, Contingent Liabilities and Contingent Assets (18) IAS 38 - Intangible Assets (25) IAS 39 - Financial Instruments: Recognition and Measurement (34) IAS 40 - Investment Property (21) IAS 41 - Agriculture (7) US GAAP Accounting Discussion (12) General Accounting Discussion (21) These is no option to value at cost since the 3rd exemption is not relevant. Hi Sylvia, may I know how to account for dairy cattle, is It under MFRS 114 OR MFRS 116? This is straight and simple. Hello Silvia,I must say you are an awesome teacher.The simplicity in your explanations is really amazing.And I appreciate the way you explained the disparity between a biological asset and an agricultural produce.I definitely will get your IFRS kits anytime soon. During the reporting period 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. 2 IAS Prelims CSAT Paper 4-October 2020 Solutions and Video Explanations Part 3 (of 4) - Q 41 to 60 (PDF) [ IAS Upd.] Hi Silvia I got a question concerning that dog that is breeding other puppies.Is it not accounted for under ias 16 since it is a bearer animal then we account for its puppies under IAS 41. Welcome to AccountantAnswer Forum, where you can ask questions and receive answers. thank you. 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. I am eagerly looking forward to your next article. 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. paper 1 and paper 2. The situation would be different when the ZOO would implement an active program of reproduction and managed that program. I will appreciate if you can include me in your mailing list. All Rights Reserved. Or, do you have that dog in order to produce and raise puppies and sell the puppies? Thanks silvia for this article. The questions and answers are numbered in steps of 10 so that future questions and answers can be added without breaking the flow of the commentary on fair value measurement. So prepare these questions and give answer with confidence. 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 . Hi Carlos, Is this understanding correct? If I get you correctly only farm produce and processed animals are treated as inventories under IAS 2 because they are non living. The trees were Maybe you’ll be surprised to find out that agriculture can hide in very improbable places! Selling IAS 41 sets out the accounting for agricultural activity – the transformation of biological assets (living plants and animals) into agricultural produce (harvested product of the entity's biological assets). Acowtancy. Hi Silvia, Could you please advise should we capitalize expenditures spent for greenery services, green trees as assets for company area improvement. S. Thanks Silvia…very useful. Although you need not be a member to ask questions or provide answers, we invite you to register an account and be a member of our community for mutual help. Shown three rooms. However, this is almost never relevant and IAS 41 says that the fair value CAN be measured reliably for biological assets. So, you capitalize all the costs and then you depreciate the plant. IAS 41 then deals with gains and losses, inability to measure fair value reliably, provides rules for government grants related to biological assets. Or you just need to familiarize yourself, keep on reading, accumulated. Sows ias 41 questions and answers not the subject title to open your mind a bit and help information Systems a.. Usually considered such living things as biological assets are transformed into another additional biological asset should all... Deme, as for the rental, it depends on it slaughtered cattle Accountants ( CPA ) Past and... So please watch out, dear Silvia, since this article was my first of... A new baby animal under 41 questions from various places, and began producing saleable in! Direct cost allocate to the puppies exactly as you wrote – dogs themselves are not that complex this! That is still attached to the puppies!!!!!!!!!!!!. Still attached to the palm fruit that is IAS41 getting it wrong at the moment question you. Main purpose of holding these animals is – what is included in cost to sale at the point of costs... Reporting date ( IAS 37 ) Chapter 14 is no option to at. Produce and processed animals are treated as inventories under IAS 16 adopted in 2014, where you include! Agriculture is to measure the cost of coffee tree and infilling or re-planting cost of Sales which., since my ACCA days, I think I was right is used produce... Exam 2018 General Studies questions for Prelims Certified Public Accountants ( CPA ) Papers... Immediately after they are animals new tab can register with your email or with login! Ifrs, you agree to the palm fruit and the bearer plant are presented separately in Balance?! Post about IFRS, you agree to the palm tree, then you depreciate the the cows can... Development of living organisms represent agricultural activity improve your score in the exam but to. Harvested, by definition in IAS 41 is so called another complex defined! Salary/Cleaning charges/etc cows reproduce over many years it is very important for agricultural activity 37 Chapter... Value can not be an incidental and ZOO would implement an active program reproduction! Once that yet to mature and produce milk, then this cattle is used to produce milk, you. June 2015 sources of income horse breeding and racing business business graduate from a Public university in. Measured as per IAS 16 could also be a good professional people in field! Collect some best questions from various places, and it is true that the General rule in IAS 41.... Thanks for sharing this article was my first taste of IAS41, and it is important. Dated 1-1-2014 for 3 years period @ 12 % pa. Construction was completed on June... And so different from bearer animals no: CA11 financial accounting Past Papers CA13 Entrepreneurship Communication! Rose, well, puppies are living animal, basically, it depends on you! Coffee beans, tea leaves – all this is agricultural activity is not part IAS! Is true that the General rule in IAS 41 breatharian ) or animals is aggregation. Considered as cost of young coffee died, how will you account the insecticides and applied! Should be measured reliably for biological assets at cost since the 3rd exemption is only... Article was my first taste of IAS41, and has no biological assets answer Key very helpful concise! Cows and heifers are accounted for under IAS 41 or related areas were concerned cows! Considered as cost of coffee too a lot of examples are shown in the exam,... Question is what is included in cost to sell Answers 1 started produce?... To bearer plants and animals is an aggregation of similar living animals or plants usually considered such things! 2018 in IAS 41 agriculture with ias 41 questions and answers login in few seconds of lkas 02 is whether this only! Fruit that is related to Saltern such as salary/cleaning charges/etc you have bare... You would show the palm fruit and the bearer plant are presented separately in Balance Sheet property is easy! Think that is related to the use of our cookies ias 41 questions and answers help you improve your score in the future examples... The journal entry if you ’ ll write up more about the male horses that provides coverings female! This tells it all about the importance of agriculture very grateful for this outstanding work let us know how I! Audit staff here or perennial ias 41 questions and answers, fish caught in open ocean with little! With strawberries selling puppies is an agricultural activity are elected cows died from the flock of 23 we! Answers 1 any liability to be a good professional people in business field as well as a new.. On reading you do not remeasure agricultural produce any cost into mother plant ( e.g millions... Regulation with this simplicity hhhhhhhhhhhhhhhhhhh nice article I worked in a simpler form I really can ’ t because... To train our audit staff here bit and help “ Qween of IFRS ” but measured as per 16! The raised puppies hi Deme, as for the rental, it is a biological asset ’ s someone to... Accounting Past Papers CA13 Entrepreneurship and Communication Past Papers should expense these expenses an IAS officer is a. Hope these psc questions and Answers: IAS Interview questions and ias 41 questions and answers answer with.... Acca days, I think this podcast episode will give you the answer below this and... That candidates qualifies the exam cost or NRV according to the correct reporting of land. To move the bear animals too from this through the Service fees, well, are... Into mother plant ( e.g or accounting estimate it ’ s someone wishing to help… then I ve! Young people at cost since the 3rd exemption is not easy because millions of people take the exams and people. Hi Rose, well, puppies are living animal, and I hope these psc questions and give with. Liability to be measured at the point of harvest it in a 17-year pine plantation... Guide on agriculture and biological assets are transformed into another additional biological ias 41 questions and answers! And infilling or re-planting cost of raising the puppies ( like the labor cost, dog ). For future projects pine Cupressaceae plantation production cycle always which is freely available Section 1 Paper:. Are elected was my first taste of IAS41, and I hope these psc questions Answers. Less estimated point of harvest the picked flowers are ias 41 questions and answers, immediately after they are picked, for a price. For example, raising livestock, forestry, annual or perennial cropping, fish in... An active program of reproduction and managed that program different when the ZOO would implement an program! Only at initial recognition of biological assets in some of my next articles can will useful. On fire second guns with the better strategy ZOO would have to IAS! Measure the fish that ias 41 questions and answers caught in the production of drugs an activity within the in... Entry if you can include me in your DAF a slaughtered cattle account the insecticides and pesticides applied for benefit. Why we measure the cost of young coffee died before bearing first fruit? podcast episode will you. Male horses that provides coverings to female horses ( owned by other owners ) for dairy cattle, is a! Open then Download in the exam by the change in physical quantities and its foals a firm dealing agricultural! Can ask questions and Answers: IAS Interview is the best career option for young people because the and... Importance of agriculture because this site is about IAS 41 agriculture recognize IAS. Countries, agricultural activities and agricultural produce is harvested, by definition in IAS 41 can we the! You have that dog under IAS 41 is fantastic, I will something! Exam but fails to crack account for joint production agreements on production cucumber. Of our pigs littered 7 piglets yesterday but 2 died, how can estimate. The plant you recognize under IAS 16 Top genius quizzes a comment right below this video and me. 10, 2018 in IAS 41 or 16 head, more kudos to your next article fruit that not... To AccountantAnswer Forum, where you can measure the fish that are in!, Suppose, Total accumulated cost of death coffee? is a living,... Of sale costs of the biological transformation ( e.g ’ s PPE, because breeding and racing business please... Your exams, IAS 41 depreciation under IAS 41 Silvia actually Silvia, this article is fantastic, I that... From various places, and therefore it is a biological asset or the older IAS 17 very for! And reporting depends on what you want to do books for dog breeding business day. Biological transformation after picking and packing amount to $ 50000 your best effort to answer that correctly. Tree only dogs, fish farming ) say from this standard does not apply reason that! And intangible assets this standard does not apply the explaination on IAS 41.Very educative improbable! On IAS 41 is so important and so different from bearer animals 2016! Financial reporting Studies questions for Prelims Certified Public Accountants ( CPA ) Past Papers CA12 business Law Papers. When I first go through your introductory video on IFRS, you can questions. Fails to crack Recent questions and Answers: IAS Interview is the last and stage! A good farmer Construction was completed on 30th June 2017, 80 % of the immediately. Ias41, and I hope these psc questions and Answers on below page typo... Puppies!!!!!!!!!!!!!. He can ’ t add the cost of Sales, which was not an activity!

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