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IAS 41
Agriculture - Coggle Diagram
IAS 41
Agriculture
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Definitions
Agriculture-Related
Agricultural Activity - the management by an entity of the biological transformation and harvest of biological assets for sale or for conversion into agricultural produce or into additional biological assets.
Certain common features:
- Capability to Change
- Management of Change.
- Measurement of Change.
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Biological Transformation - comprises the process of growth, degeneration, production and procreation that causes qualitative or quantitative changes in a biological asset.
General Definitions
Carrying Amount - the amount at which an asset is recognised in the statement of financial position.
Fair Value - the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date.
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Gains and Losses
A gain or loss arising on initial recognition of a biological asset at fair value less costs to sell and from a change in fair value less costs to sell of a biological asset shall be included in profit or loss for the period in which it arises.
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Government Grants
An unconditional government grant related to a biological asset measured at its fair value less costs to sell shall be recognised in profit or loss, when and only when, the government grant becomes receivable.