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HKAS 41 Revised JuneAugust 2014 Hong Kong Accounting Standard 41 Agriculture HKAS 41 COPYRIGHT Copyright 2014 Hong Kong Institute of Certified Public Accountants This Hong Kong Financial Reporting.

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Once the fair value of such a biological asset becomes reliably measurable, an entity shall measure it at its fair value less costs to sell.

The fair value of a biological asset or agricultural produce is its market price less any costs to sell the produce. Costs to sell include commissions, levies, and transfer taxes and duties.

An entity that has previously measured a biological asset at its fair value less costs to sell continues to measure the biological asset at its fair value less costs to sell until disposal. In all cases, an entity measures agricultural produce at the point of harvest at its fair value less costs to sell.

PAS 41 applies to agricultural activity at the point of harvest. After the harvest, PAS 2 Inventories or other applicable standard is applied. Living animals, whether consumable or bearer, are classified as biological assets if they relate to agricultural activity.

The fair value of a biological asset or agricultural produce is its market price less any costs to sell the produce. Costs to sell include commissions, levies, and transfer taxes and duties. IAS 41 differs from IAS 20 with regard to recognition of government grants.

IAS 41 applies to: Biological assets (living plants or animals – for example, trees in a plantation or orchard, cultivated plants, sheep, cattle) related to managed agricultural activity. (for example, raising livestock, forestry, annual or perennial cropping, fish farming).

an explanation of why fair value cannot be measured reliably. the range of estimates within which fair value is highly likely to lie (if possible) the gain or loss recognised on disposal of those biological assets. impairment losses (if any), reversals of impairment losses (if any) and depreciation expense.

Biological assets should be measured at initial recognition, and at the end of each reporting period , at fair value less estimated costs to sell. Agricultural produce is measured, at the point of harvest, at fair value less estimated costs to sell at the point of harvest.

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© Copyright 1997-2025
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Form Packages
Adoption
Bankruptcy
Contractors
Divorce
Home Sales
Employment
Identity Theft
Incorporation
Landlord Tenant
Living Trust
Name Change
Personal Planning
Small Business
Wills & Estates
Packages A-Z
Form Categories
Affidavits
Bankruptcy
Bill of Sale
Corporate - LLC
Divorce
Employment
Identity Theft
Internet Technology
Landlord Tenant
Living Wills
Name Change
Power of Attorney
Real Estate
Small Estates
Wills
All Forms
Forms A-Z
Form Library
Customer Service
Terms of Service
Content Takedown Policy
About Us
Blog
Affiliates
Contact Us
Privacy Notice
Delete My Account
Site Map
Industries
Forms in Spanish
Localized Forms
State-specific Forms
Forms Kit
Legal Guides
Real Estate Handbook
All Guides
Prepared for You
Notarize
Incorporation services
Our Customers
For Consumers
For Small Business
For Attorneys
Our Sites
US Legal Forms
USLegal
FormsPass
pdfFiller
signNow
airSlate workflows
DocHub
Instapage
Social Media
Call us now toll free:
+1 833 426 79 33
As seen in:
  • USA Today logo picture
  • CBC News logo picture
  • LA Times logo picture
  • The Washington Post logo picture
  • AP logo picture
  • Forbes logo picture
© Copyright 1997-2025
airSlate Legal Forms, Inc.
3720 Flowood Dr, Flowood, Mississippi 39232