What is a bearer plant?
A bearer plant is a living plant that: (a) is used in the production or supply of agricultural produce; (b) is expected to bear produce for more than one period; and (c) has a remote likelihood of being sold as agricultural produce, except for Page 3 1165 incidental scrap sales.
What is bearer plant as per AS 10?
Bearer plant here means a plant that is: used in the production or supply of agricultural produce. Is anticipated to give produce for more than 12 months. Has a remote chance of being sold as an agricultural produce except for incidental scrap sales.
What are bearer biological assets?
Bearer biological assets are those other than. consumable biological assets; for example, livestock from which milk is. produced and fruit trees from which fruit is harvested. Bearer biological assets. are not agricultural produce but, rather, are held to bear produce.
Is coffee a bearer plant?
A bearer plant is a living plant used for production or Agricultural product supply. An example of this type of asset can be, for example, a plantation of trees that produces coffee beans.
What are bearer plants IAS 16?
A bearer plant is defined as a living plant that is used in the production or supply of agricultural produce, is expected to bear produce for more than one period and has a remote likelihood of being sold as agricultural produce, except for incidental scrap sales.
Is fruit tree a bearer plant?
Bearer biological assets are those other than consumable biological assets; for example, livestock from which milk is produced, grape vines, fruit trees, and trees from which firewood is harvested while the tree remains.
Is Sugarcane a bearer plant?
33.5 Property, plant and equipment Historical cost comprises the purchase price and any costs directly attributable to the acquisition. Under the definition of Property plant and equipment is included the bearer plants, such as sugarcane and coffee trees.
How do you value a bearer plant?
To determine the depreciable amount of the bearer plant, its residual value is required to be deducted. Judgement needs to be exercised for determining such residual value. Bearer plants under Ind AS 16 would also have to be assessed for impairment under Ind AS 36 “Impairment of Assets”.
Is Bearer plant included in PPE?
Accounting Standard 10 has been amended to include bearer plants as an item of PPE.
Is sugar cane a bearer plant?
Some crops, such as sugar cane, are perennial plants because their roots remain in the ground to sprout for the next period’s crop. Under the proposals, if an entity retains the roots to bear produce for more than one period, the roots would meet the definition of a bearer plant.
Is a cow a bearer plant?
(b)bearer plants related to agricultural activity (see IAS 16). However, this Standard applies to the produce on those bearer plants….Amendments to IAS 41 Agriculture.
| Biological assets | Agricultural produce | Products that are the result of processing after harvest |
|---|---|---|
| Dairy cattle | Milk | Cheese |
Which of the following are bearer plants?
IAS 41 defines a bearer plant as a living plant that: Examples of bearer plants would be tea bushes and grape vines.
What are non bearer plants?
Crops such as paddy, wheat are not bearer plants because these do not bear produce for more than one period. plants that produce seed cotton.
What are the IAS 16 and IAS 41 bearer plants?
The International Accounting Standards Board (IASB) has published ‘Agriculture: Bearer Plants (Amendments to IAS 16 and IAS 41)’. The amendments bring bearer plants, which are used solely to grow produce, into the scope of IAS 16 so that they are accounted for in the same way as property, plant and equipment.
When did the IASB issue agriculture bearer plants?
The IASB issued Agriculture: Bearer Plants (Amendments to IAS 16 and IAS 41) on 30 June 2014.
Do bearer plants have to be assessed under IND as 36?
Bearer plants under Ind AS 16 would also have to be assessed for impairment under Ind AS 36 “Impairment of Assets”.
Should the accounting treatment for bearer plants and products from bearer plants?
In his view, maintaining consistency in the accounting treatment for bearer plants and products from bearer plants was so important that both should be governed by the same standard. Otherwise, one would have to handle two measurement bases for the same product.