Agriculture

Question 1

What is the standard

Answer 1

AASB 141

Question 2

AASB 114

Answer 2

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

Question 3

Agricultural ativity

Answer 3

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

Question 4

Biological asset

Answer 4

living animal or plant

Question 5

biological transformation

Answer 5

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

Question 6

Harvest

Answer 6

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

Question 7

recognition

Answer 7

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

Question 8

Measurement

Answer 8

stated in AASB 141 as fair value, less estimated costs

Question 9

Gains and losses

Answer 9

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