This workshop series is available in Kuala Lumpur (16 March). Several examples in Malaysian agricultural accounting practices in accordance with the Standards will be illustrated for easy understanding of this relatively complex financial reporting requirements.
Save 10% when you register online at least 1 month prior to the workshop date.
Presenter Mr J Selvarajah
The amendments to MFRS and MPERS Standards on Agriculture require that biological assets that meet the definition of bearer plants such as fruit trees and oil palm plantations are to be accounted for as PPE. All other biological assets are required to be valued at fair value. Under MFRS, agricultural produce growing on bearer plants such as fruits and FFB will be also required to be valued at fair value at their various stages of growth, while those under MPERS remain part of the bearer plant until harvested. All other agricultural produce are required to be valued at fair value. Recognising income from agriculture in profit or loss is generally based on fair value changes from growth to maturity and not always from the revenue derived from the sale. Several examples in Malaysian agricultural accounting practices in accordance with the Standards will be illustrated for easy understanding of this relatively complex financial reporting requirements.
Key topics covered:
Scope of MFRS 141 and MPERS Section 34
Definitions
Characteristics of biological activities
Results of biological transformation
Government grants relating to biological assets
Recognition and measurement
Presentation in financial statements and disclosure requirements
Objectives
This programme is designed to assist you to understand:-
The concept of biological assets, bearer plants and agricultural produce
How such assets are accounted for in the financial statements
The method of measuring agricultural produce created from biological assets at the point of harvest
The accounting for Government grants relating to agricultural assets
Presentation and disclosure requirements of MFRS 141
All our workshops are available via in-house training.