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thank you Mr. Farahat for this valuable video, but I have note about the cost of sale, as ias 41the transportation cost doesn't consider as cost of sales.
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Hi Mr. Farhat, I'm from Indonesia. Thanks for your video, its easy to understand and helpful. I have a question, is this only applicable to large agricultural companies? what about farmer groups or farming communities in general? can we just know or even calculate the biological assets?
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Rubber tree is not a bearing plant, the latex in the rubber tree are "harvested" well, technically "extracted" from the tree. If it is a bearing plant the sac inside would be measured at fair value, along the tree itself, which is impossible.
Justin Alegre rubber tree is actually a bearer plant and would come under IAS 16 whereas the latex that is harvested from it would be under IAS 41 at the point of harvest and later on it would fall under IAS 2 and be measured accordingly.
@@niharikaaredla5799 Plants that have a dual use, that is, both bearing produce and the plant itself being sold as either a living plant or agricultural produce (beyond incidental scrap sales), will not meet the definition. This may be the case when, for example, an entity holds rubber trees to sell both the rubber milk as agricultural produce and the trees as lumber. Bearer animals, like bearer plants, may be held solely for the produce that they bear. However, bearer animals have been explicitly excluded from the amendments and will continue to be accounted for under IAS 41 on the basis that the measurement model would become more complex if applied to such assets.
The seed of course. The land is used to evidence the control of such asset. The biological asset is the wheat and the produce is fresh rice (the hard rice), if it was cooked then that is the product after harvest.
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Jazak' Allah Ya istazitnah
Very informative and explained in elaborated way and easily used in accounting practices.
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Great, teaching methodology.
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Thank u. Helped me understand the standard better
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thank you so much and the lovely pictures definitely helped.
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Thanks so much
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Thank you. Very nice explanations
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Well explained. Thank you
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@@AccountingLectures noted, Already subscribed and watching more videos.
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the best
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What about working animals, accounting treatment is same for those animals? For instance company purchase a horse to monitor the cultivated plants.
thank you Mr. Farahat for this valuable video, but I have note about the cost of sale, as ias 41the transportation cost doesn't consider as cost of sales.
Transportation IN or OUT.
@@AccountingLectures
Out.
great explanations and i have 30 farm clients
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Very helpful!
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Thank you so much :)
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Hi Mr. Farhat, I'm from Indonesia. Thanks for your video, its easy to understand and helpful. I have a question, is this only applicable to large agricultural companies? what about farmer groups or farming communities in general? can we just know or even calculate the biological assets?
Great video thanks man :)
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Are biological assets always classified under current assets, or not necessarily?
So what if i don’t own the cow
It’s for another one and it’s amateur i feed it and in return take its milk and 2/3 of what it birthed
How I will account if I give my bioassets on rent, i mean instead of selling i am renting my bio aseets and receives the rental income.
Hi. Thank you so much. I have a question. Can you say that diary cattle is recognized under ias 41 or ias 16?
ias 41
Isn't rubber tree a bearer plant?
Same problem here😑😑
Rubber tree is not a bearing plant, the latex in the rubber tree are "harvested" well, technically "extracted" from the tree. If it is a bearing plant the sac inside would be measured at fair value, along the tree itself, which is impossible.
Justin Alegre rubber tree is actually a bearer plant and would come under IAS 16 whereas the latex that is harvested from it would be under IAS 41 at the point of harvest and later on it would fall under IAS 2 and be measured accordingly.
@@niharikaaredla5799 Plants that have a dual use, that is, both bearing produce and the plant itself
being sold as either a living plant or agricultural produce (beyond incidental scrap
sales), will not meet the definition. This may be the case when, for example, an entity
holds rubber trees to sell both the rubber milk as agricultural produce and the trees as
lumber.
Bearer animals, like bearer plants, may be held solely for the produce that they bear.
However, bearer animals have been explicitly excluded from the amendments and will
continue to be accounted for under IAS 41 on the basis that the measurement model
would become more complex if applied to such assets.
@Justin Alegre thank you! That is something I did not know. So in this case of rubber plant how would it be accounted for?
Can I ask? Which one is biological asset in aspect of rice , is it rice seed or paddy
The seed of course. The land is used to evidence the control of such asset. The biological asset is the wheat and the produce is fresh rice (the hard rice), if it was cooked then that is the product after harvest.
Justin Alegre okay thank you for the information
@@farahfedzli5488 Welcome :)
@@farahfedzli5488 Welcome :)
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it's IAS 41 not AIS 41
Hi sir
Thank you for your great Efforts.
What is the book you are using for this course?
www.mheducation.com/highered/product/international-accounting-doupnik-finn/M9781259747984.html
Thank you! Gréât teaching.
However is it AIS or IAS?
it's IAS 41 not AIS 41