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  • Pas 41

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    Lorenzo Pancho
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    The document discusses two examples of biological assets - chickens and grape vines - in relation to PAS 41 accounting standards. Chickens can be used for meat and egg production, while grape vines produce fruits used for foods like raisins, jelly, and wine. Both assets are considered biological under PAS 41 since they are living plants or animals owned by a business, and the standard requires they be measured at fair value less selling costs.

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    PAS 41

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    PAS 41

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    The document discusses two examples of biological assets - chickens and grape vines - in relation to PAS 41 accounting standards. Chickens can be used for meat and egg production, while grape vines produce fruits used for foods like raisins, jelly, and wine. Both assets are considered biological under PAS 41 since they are living plants or animals owned by a business, and the standard requires they be measured at fair value less selling costs.

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    © All Rights Reserved
    Download as DOCX, PDF, TXT or read online from Scribd
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    10 views1 page

    Pas 41

    Uploaded by

    Lorenzo Pancho
    The document discusses two examples of biological assets - chickens and grape vines - in relation to PAS 41 accounting standards. Chickens can be used for meat and egg production, while grape vines produce fruits used for foods like raisins, jelly, and wine. Both assets are considered biological under PAS 41 since they are living plants or animals owned by a business, and the standard requires they be measured at fair value less selling costs.

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    © All Rights Reserved
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    of 1

    Briones, Jomel S.

    BSMA - 1A
    CFAS

    Instructions: Give at least two (2) examples of biological assets (do not take from the
    pp) and discuss briefly as to use and features in relation to context PAS 41.
    1) Chickens – chicken can be use for meat production such as fried chicken and other
    products. It can also produce eggs for other chicken productions.

    LIVE CHICKEN

    2) Grape Vines - Grapes are versatile fruits used in a wide range of popular foods
    because it can produce raisins, jelly and even wine. They are also packed with
    nutrients and antioxidants, and have high amounts of the phytonutrient resveratrol,
    which is good for the heart. In fact, while grapes are good for your overall health,
    they are especially lauded for their heart benefits.

    GRAPES VINES/GRAPES

    The relationship of these agriculture and livestock product to the context of PAS 41
    is pertains to biological assets which are assets that are living like trees and animals.
    The PAS 41 states that a biological asset is any living plant or animal owned by the
    business, and they are typically measured at fair value minus selling costs.

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