Biological Assets: In What Way should be Measured by SMEs?

Hana Bohušová · Patrik Svoboda

20 citations0/0 files storedProcedia - Social and Behavioral Sciences

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Accounting Theory and Financial Reporting Accounting and Financial Management Agricultural and Financial Auditing

Abstract

The paper focuses on the possible ways of biological assets measurement in financial reporting of SMEs. The entity uses the fair value model for those biological assets for which fair value is readily determinable, and cost model is employed for all other biological assets. The substance of all kinds of biological assets differs significantly, especially bearer plants and living animals. The authors evaluated application over mentioned methods for representatives of both kinds of biological assets (apple orchard and dairy cows). According to the study, historical cost is suitable for bearer plants, the fair value measurement is suitable for living animals.

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References

2004Fair value accounting in the agricultural sector: some implications for international accounting harmonization 2011Implementing fair value accounting in the agricultural sector 2012International Financial Reporting standard for Small and Medium-sized entities 2003Valuation of SGARAs IN THE Wine Industry: Time for Sober Reflection

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