IAS 41 Biological Assets Agriculture Activity Accounting for Cannabis IFRS Course
Provided by
Youtube is a video-sharing platform that offers a wide variety of educational content, including lectures, tutorials, and courses on a wide range of subjects....
Description
The content focuses on explaining the concept of biological assets, which are living plants or animals owned by a business for agricultural purposes. Examples of biological assets include chickens, cannabis plants, corn, cows, horses, and tomatoes. The session also delves into what constitutes agricultural activity, specifically the management process for biological transformation, such as growth, for the purpose of sale. This includes scenarios where businesses grow cannabis plants with the intention of selling them. The IAS 41 standard is used as a reference for accounting practices related to these assets and activities.