WebbAgricultural produce is the harvested produce of the entity's biological assets. A bearer plant is a living plant that: is used in the production or supply of agricultural produce; is expected to bear produce for more than one period; and has a remote likelihood of being sold as agricultural produce, except for incidental scrap sales. WebbWhen 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 …
IAS 41 Agriculture - Bearer Plants - EFRAG
WebbSome plants, for example, tea bushes, grape vines, oil palms and rubber trees, usually meet the definition of a bearer plant and are within the scope of AASB 116. However, the produce growing on bearer plants, for example, tea leaves, grapes, oil palm fruit and latex, is within the scope of AASB 141. Definitions Agriculture-related definitions WebbMature bearer plants Agricultural produce growing on bearer plants is measured at fair value less costs to sell with changes recognised in profit or loss as the produce grows. PwC observation: Accumulating costs of an im mature bearer plant is a new concept, except on initial recognition in cases where fair value cannot be measured reliably. Under csf bsc
What is the bearer plant under IAS property ?, plant and equipment
WebbThe proposals define a bearer plant as a plant that is used in the production or supply of agricultural produce, that is expected to bear produce for more than one period and that … Webbbearer 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 transformation and their operation is similar to that of manufacturing. Accordingly, this Exposure Draft proposes to account for bearer plants like property, plant and equipment in WebbBearer plants will now be within the scope of IAS 16 Property, Plant and Equipment and will be subject to all of the requirements therein. This includes the ability to choose between the cost model and revaluation model for subsequent measurement. Agricultural produce growing on bearer plants (e.g., fruit growing on a tree) will remain within the csfb trading