WebAgricultural produce growing on bearer plants (e.g., fruit growing on a tree) will remain within the scope of IAS 41 Agriculture. Government grants relating to bearer plants will now be accounted for in accordance with IAS 20 Accounting for Government Grants and Disclosure of Government Assistance, instead of in accordance with IAS 41. WebBearer plants are accounted for under IAS 16, Property, Plant and Equipment. Whereas, the produce growing on bearer plants is within the scope of IAS 41 and measured at fair value. Once harvested, produce is in the scope of IAS 2, Inventories.

Cost accounting for bearer plants

WebBearer plants would include tea bushes, grape vines and rubber trees. They will be accounted for using IAS 16 – accumulated cost until maturity and then subject to … Weba. paragraph 5C of IAS 41 says that produce growing on bearer plants is a biological asset. Accordingly, an entity accounts for fruit growing on oil palms applying IAS 41. b. the recognition requirements in paragraph 10 of IAS 41 specify when an entity recognises the fruit growing on oil palms separately from the oil palms themselves. pope francis mass ewtn

Revised IAS 16 Property, Plant and Equipment and IAS 41 Agriculture …

WebUnder IAS 16, bearer plants are accounted for as property, plant and equipment if they: Are used in the production or supply of agricultural produce; Are expected to bear … Webbearer plants, that, once mature, are held by an entity solely to grow produce over their productive life. Mature bearer plants no longer undergo significant biological … WebWhen bearer plants are no longer used to bear produce they might be cut down and sold as scrap, for example, for use as firewood. Such incidental scrap sales would not prevent … pope francis jubilee year of mercy