Agriculture: Financial reporting requirements - Workshop 2020

Overview

 For REP’s, Member staff and Group (3+) registrations, complete & email registration form to cpd.malaysia@cpaaustralia.com.au

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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.

Audience

Tax consultants, managers, agents, accountants, advisors, auditors, consultants, directors, CFOs, supervisors and executives.