- 20 Marks
PSAF – May 2018 – L2 – Q3 – International Public Sector Accounting Standards (IPSAS)
Explains the term "agricultural activity," determination of fair value, and the accounting treatment for biological assets and agricultural produce.
Question
IPSAS 27 deals with the accounting treatment and disclosures in relation to agricultural practice.
Required:
a. Explain the term “agricultural activity.” (5 Marks)
b. Explain how the fair value of a biological asset or agricultural produce is determined. (8 Marks)
c. Identify TWO ways in which an entity should recognize a biological asset or agricultural produce. (3 Marks)
d. Explain the accounting treatment of gains or losses arising from a biological asset or agricultural produce. (4 Marks)
Find Related Questions by Tags, levels, etc.
- Tags: Accounting Treatment, Agricultural Activity, Biological Assets, Fair Value, IPSAS
- Level: Level 2
- Topic: International public sector accounting standards
- Series: MAY 2018
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