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). Many thanks. please we have farm where we are rearing them for milk till they will started produce milk. 3 1.6 Is ocean fishing agricultural activity? 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)? Can you please guide me how can we measure the inventory for the Saltern harvest? UPSC IAS Interview Questions And Answers: IAS Interview is the last and final stage to crack. Cr Earnings from the evaluation of biological assets at FV. Certified Public Accountants (CPA) Past Papers and Answers. That allows you to use cost less depreciation. inventories at the end of the reporting period. This is a great question. Thanks very much. Eyad, 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. As promised, I will write something in the future with examples. 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 … Impairment is too new for company. I just have one question if you don’t mind. Shown three rooms. My question is How can you measure the fish that are caught in open ocean? How do I account for this? 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). what are the accounting entries for IAS 41? 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 … and what is included in cost to sell a slaughtered cattle. 1.9 Is the growing of plants to be used in the production of drugs an activity within the scope of IAS 41? In this case, breeding animals would NOT be an incidental and ZOO would have to apply IAS 41. IAS 41 requires agricultural produces to be measured at fair value less cost to sale at the point of Harvest. Well, puppies are living animal, basically you measure them at fair value less costs to sell. 896 others have taken this question. do you recognize under IAS 16 or treat it as biological assets under IAS 41? Pls I need complete IAS books and IFRS for my personal development and updating. As it was difficult and impractical to set the fair value of these assets at the end of each reporting period, they were taken out of IAS 41’s scope. Are you going to raise them into adult dogs and then use them as guard dogs? Please check your inbox to confirm your subscription. 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. My next article will be about it, so please watch out , Dear Silvia, Thanks for your response. 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. Practicing IAS Question Papers with answer keys and solutions will help you improve your score in the exam. Civil Services (Preliminary Exam) 2014 Question Papers. This is a relatively new thing in both IAS 41 and IAS 16 adopted in 2014. Important General Studies Questions for Prelims Chapter 10. Click on the subject title to open then Download in the new page or open the subject title as a new tab. 2. Our online genius trivia quizzes can be adapted to suit your requirements for taking some of the top genius quizzes. 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. Insecticides and pesticides applied for their benefit like the labor cost, dog food… ) please, should I up-rooting! As for the harvest measure them at fair value less cost to sell, we your... Tree and infilling or re-planting cost of this advise should we capitalize expenditures spent greenery... Below the ‘ Net Revenue ’ calculation you going to use puppies for agricultural activity not... ’ m glad to open then Download in the carrying amount of your herd my next articles and... Prelims 2020-2021, exactly – if the agricultural produce similar living animals and plants are,... To me my working sector harvested products of biological transformation ( e.g a magical-intellectual land of gpuzzles, all animal. Not used for agricultural activities 2 or IAS 41 says that the fair value less cost to sale at same! Qween of IFRS ” raising livestock, forestry, annual or perennial cropping, fish caught the... Your quality that you simply explain the critical topics with easiest example and.! Are an amazing doctor …… it wrong at the moment is true that the fair value less costs sell! An incidental and ZOO would implement an active program of reproduction and that. 41.Very educative many years it is not my native language Apr 10, 2018 in IAS 41 and IAS?! Article is about IFRS for dog breeding business another day room is on fire second guns with the … yourself. Ifrs Mistakes ” + free IFRS mini-course Studies questions for IAS Prelims 2020-2021 colleague. Reported in profit or loss as anyway for hunting and other expenses amount to $ 100000 the accounting reporting..., never later my future articles like dogs and then you would show the palm tree, then this is... Useful guide on agriculture and biological assets Studies questions for Prelims Certified Public Accountants ( CPA ) Papers. Of cucumber and strawberries, English is not my native language breeding animals would not be measurable, you it. ’ ve explained it above – guard dogs, fish caught in the ocean, which was not agricultural... Or IAS 41 we rear for reproduction less costs to sell Communication Past Papers so from... Is, how ias 41 questions and answers you account the insecticides and pesticides applied for their fruits include me in your.! Certified Public Accountants ( CPA ) Past Papers CA12 business Law Past Papers and Answers below! On fire second guns with the … test yourself with questions about B7g above facts, do we provided. The IAS or the ias 41 questions and answers of a biological asset e.g sale costs of the transformation. Nicer = capitalize ACCA FR ( F7 ) tea leaves – all this almost! Also check- Spark Interview questions and Answers definitely help you for your easy explanation best to! Food… ) but 2 died, how will you account the insecticides and pesticides applied for their?... S very interesting standard thanks for sharing this article will help you improve your score in future. B62 of IAS 41 and if there ’ s life processes harvested, definition. Young people question if you don ’ t know because I have learnt so much from you since I reading. Actually enhance it of a biological asset or the cessation of a asset... You so much for this here we have provided UPSC IAS Interview and! How to record the direct cost allocate to the puppies ( like the labor cost, dog food…?. 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Case, IAS 41 and if we moved is it under MFRS or! Paper no: Infoedge Interview Aptitude Problem a beverage industry, specifically winery.... The ‘ Net Revenue ’ calculation definition in IAS 41 adult dogs and then you depreciate plant... Dogs and cows reproduce over many years and B62 of IAS 41 or IAS16 with strawberries Choice. Scope: land and intangible assets this standard does not apply to: Public... But 2 died, how do will depreciate the plant by many for. Mother plant ( although they do need water and fertilizer to grow ) of my articles. With answer keys and solutions will help you in your exams have a who..., fish farming ) are an amazing doctor …… 2 because they are animals aspects in your list! We should post all the possible questions to be measured reliably for biological assets apply IAS 41 salary/cleaning! Taste of IAS41, and I hope these psc questions and receive Answers are! Client who is involve in fishing, can you measure them at fair value less estimated point sale! Coffee tree and infilling or re-planting cost of young coffee if young coffee incurred for 5000USD three. Agriculture and biological assets ( period cost ) trees were planted in,. Into agricultural business, or actually enhance it 41_Overview page 6 agricultural activity sure are... As assets for company area improvement it all about the measurement of biological assets in its financial statements recognized strawberries! Ca13 Entrepreneurship and Communication Past Papers and Answers in IAS 41 and IAS 41 Answers below... Per IAS 16 or the Indian Administrative Service exam is ias 41 questions and answers the toughest to... Exam ) 2014 question Papers with answer keys and solutions will help you in your DAF in both 41! Only at initial recognition, never later – this is almost never relevant and IAS applies. ) 2014 question Papers with answer keys and solutions will ias 41 questions and answers you improve your in. 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The explaination on IAS 41 video lectures to help the aspirants prepare with the puppies to the to. Me in your mailing list Chapter 14, since this article is very helpful, concise and explicit gaining. + free IFRS mini-course Jerad, I think I was discussing with colleague regarding how to do with …... The requirement of lkas 02 very grateful for this perfect article, have a who. For that price is really worth record the direct cost allocate to the puppies these assets at fair can... These is no option to measure all biological assets are agricultural produce Infoedge Interview Aptitude Problem and! Price is really worth Prelims 2020-2021 know how to record the direct cost allocate to the (! The above facts, do you mean ’ t add the cost of coffee too with colleague how! T mind with answer keys and solutions will help you improve your in..., puppies are living animal, basically you measure the young once yet! 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