The changes that are taking place due to the globalisation of economies have led to a trend towards accounting standards of different countries being standardised. The accounting standard commonly used in the agricultural sector in IAS 41. IAS 41 is aimed at regulating the agricultural sector, which has been outside the discussions of accounting due to the lack of infrastructure and tradition for divulging or preparing its financial statements. The biological assets, according to IAS 41, should be valued at their fair value except for the cases where it would be impossible to estimate their value reliably. The main objective of this work is to determine how fair value accounting can be applied in the agricultural sector.
The research will focus on the following research questions: Has IAS 41 enhanced the international comparability of accounting practices in the agricultural sector? How can biological assets fair value be measured, where there is no active market, in a reliable way in accordance to IAS 41?
Table of Contents
Abstract
1.0 Introduction
1.1 Background
1.2 Objective of study and research questions
2.0 Literature review
2.1 Fair value-based valuation for biological assets
2.2 Biological assets concepts
3.0 Methodology
3.1 Introduction
3.2 Research design
3.3 Data collection and analysis
4.0 Findings and discussions
4.1 Comparability of accounting practices in the agricultural sector
4.2 Fair value measurement of biological assets
5.0 Conclusion and recommendations
References
Appendix
- Quote paper
- David Onditi (Author), 2019, Comparative International Accounting. Fair value accounting in the agricultural sector, Munich, GRIN Verlag, https://www.grin.com/document/477466
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