Biological Assets
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Biological Assets

Course Number: ACC 490, Winter 2011

College/University: Kentucky

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ACC 490 Biological Assets and Agricultural Produce Chapter 9: IAS 41 Spring 2012 1. What are biological assets? It is a living animal or a plant. It is has to have an agricultural produce from it. So, agricultural produce is NOT a biological asset. Agricultural produce must have value. 2. What are examples of biological assets? Would dogs for sale in a pet shop be classified as biological assets? Ex: sheep, cow...

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490 Biological ACC Assets and Agricultural Produce Chapter 9: IAS 41 Spring 2012 1. What are biological assets? It is a living animal or a plant. It is has to have an agricultural produce from it. So, agricultural produce is NOT a biological asset. Agricultural produce must have value. 2. What are examples of biological assets? Would dogs for sale in a pet shop be classified as biological assets? Ex: sheep, cow Dogs for sale in a pet shop would be not considered a biological asset--it would only be classified as one if it was producing. If not and just for sale, its considered inventory. Ex: The parents at the breeder of the Goldendoodle are the biological assets. The puppies that the parents produce are the produce. At the pet store, those puppies become inventory because they were not as a result of anything they owned prior to buying the puppies. Ex: The fruit tree in the orchard are the biological assets. Once it begins producing the fruit its Agricultural produce and then once it begins harvesting to sell in their store, its inventory. 3. When are biological assets recognized? (page 85) a. The entity controls the asset as a result of past events b. Future economic benefits are probable, and c. the fair value or cost is reliably measurable If we have a tree in an orchard that is not going to produce again because it is old and rotting, it would not be a biological asset. It must produce again to be considered a biological asset. 4. How are biological assets measured under IFRS? (page 85) They are measured at fair value less estimated costs to sell on initial recognition, unless fair value cannot be reliably measured. *Measured at each accounting reporting period *Do not test for impairment because FV is already testing it 5. How would an entity account for its biological assets if fair value is measurable? not (page 87) As a default method, the asset would be measured at cost (amortized if relevant). It would also be tested for impairment. Once an asset is measured at fair value less point of sale costs (either as a biological asset or as an asset held for sale), it is assumed that fair value is reliably measurable thereafter. *You must test annually 6. How are biological assets measured under U.S. GAAP? It is accounted for at cost and tested for at impairment 7. What is agricultural produce? As soon as we harvest it, thats the produce and we value it. It is the harvested product of the biological asset. 8. How is agricultural produce measured? Fair value less estimated cost to sell 9. Is agricultural produce always assumed to have a fair value? Yes, it is. Theres always a market for it. You keep remeasuring it until its sold and out of your hands. 10. Carefully study the example on the bottom of page 86 and the top of page 87. The cow is the biological asset. The value of the cow was estimated to have increased during the years to $10,000. But, also have the medical bills, feed and shelter. Under IFRS, we know they are going to value at fair value. IFRS does not say specifically how to address the actual expenses. You can capitalize or expense. 11. Assume a company purchased cattle during 2011 at a cost of $12,000. On December 31, 2011, the fair value of the cattle was $13,900. At what value would the company record the cattle on its December 31, 2011 balance sheet under IFRS? Under GAAP? IFRS: $ ___13,900___ GAAP: $ ___12,000____ 12, 000 + 1900 Unrealized Gain (Historical Cost) Prepare the journal entry, if any, at December 31, 2011 related to the above transaction. IFRS: Biological Assets 1900 Unrealized Gain 1900 GAAP: (historical cost)---no journal entry because did not increase

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