[IAS 41.34], If such a grant is conditional (including where the grant requires an entity not to engage in certain agricultural activity), the entity recognises the grant in profit or loss only when the conditions have been met. Biological assets are assets which are living in nature. The significant assumptions determining the fair values are the expected future demand for semen, the estimated biological value, and the marketable life of bulls. PRINCIPAL RISKS AND UNCERTAINTIES (extract). But the entity must still measure all of its other biological assets at fair value less costs to sell. The standard generally requires biological assets to be measured at fair value less costs to sell. IAS 41 applies to biological assets with the exception of bearer plants, agricultural produce at the point of harvest, and government grants related to these biological assets. Is Getting Paid Twice a Month the Same as Every Two Weeks. 1 This represents the difference between operating profit prepared under IAS 41 and operating profit prepared under historical cost accounting, which forms part of the reconciliation to adjusted operating profit. Bovine – we base the fair value of all bulls, on the net cash flows we expect to receive from selling their semen, discounted at a current risk adjusted market-determined rate. Biological assets are dealt in International Accounting standards 41 (IAS 41). ACCOUNTING POLICIES BIOLOGICAL ASSETS AND … Accounting is determined by the nature of such classification. Biological Assets are assets that are living – for example, trees, animals, or cannabis. Biological assets generate substantial revenue or income for businesses in industries such as vineyards, floriculture, silviculture, and paper products. These are outlined in note 4. Examples of biological assets include goats, fish, vegetables, corn, tomatoes, apples and so on. Biological assets include plants and animals. It’s important to note that the term “biological asset” is unique to the field of accountingAccountingAccounting is a term that describes the process of consolidating financial information to make it clear and understandable for all for the purpose of clearly categorizing and identifying assets owned by businesses, such as farms and vineyards, or produce that is a primary source of the company’s income.Annual IncomeAnnual income is the total value of income earned during a fiscal year. Cannabis Stocks have gained increased awareness due to the listing of cannabis companies in public stock exchangesInitial Public Offering (IPO)An Initial Public Offering (IPO) is the first sale of stocks issued by a company to the public. The fair value of animals we own is calculated using the animals’ average live weights, plus a premium where we believe that their genetics make them saleable. However, it does apply to produce growing on bearer plants. 1 See note 2 for details of prior period restatement. You can log in if you are registered at one of these services: This website uses cookies. The significant assumptions we make are the number of future generations attributable to the current herds, the fair value prices we achieve on sales, the animals’ expected useful lifespan and productivity, and the risk adjusted discount rate. what if a company acquires a horse to be used as means of transportation/ vehicle? Audited financial statements help decision makers. Service concession arrangements – IFRIC 12, IFRIC 12, service concession arrangements and related accounting policies, IFRIC 12, service concession arrangements disclosures, IFRIC 12, concessions, policy and disclosures and effect of IFRIC July 2016 clarification, IFRIC 12, policy and significant judgements and estimates for service concessions, intangibles, disclosures, SIC 29, details of service concession arrangements, IFRS 2 para 51(b), disclosures for cash settled share based payment, IFRS 2 paras 44-52, cash settled share based payment disclosures, IFRS 2 paras 44-47, disclosures for equity settled share based payments, IFRS 2 paras 33A-33D, change of policy to take account of vesting conditions, other than market based, in measurement of liability, IFRS 2 paras 33E-33H, change of policy for net settlement feature for withholding tax obligations, IFRS 2 paras 33E-33F, net settlement feature relating to tax payable treated as equity settled, IFRS 1, US GAAP to IFRS transitional disclosures, IFRS 1 first time adoption, transition from US GAAP to IFRS, Transition from Japanese GAAP to IFRS, adoption of IFRS 9 and IFRS 15, policies, IFRS 1, transition from Japanese GAAP to IFRS, Transition from Japanese GAAP to IFRS disclosures, IFRS 1, transition from Japanese GAAP to IFRS disclosures, Transition from US GAAP to IFRS, half year and quarterly results, Transition from US GAAP to IFRS, half year results, Malaysia, transition to IFRS (and adoption of IFRS 15), IFRS 1, transition from US GAAP to IFRS disclosures. If circumstances change and fair value becomes reliably measurable, a switch to fair value less costs to sell is required. Brexit risks and mitigation, trade barriers, sourcing, data transfer, people, reference in viability statement, Principal risks, Brexit implications, free movement of goods, tariffs, exchange rate, business planning, mitigation, and COVID – 19, Principal risks in viability statement , COVID – 19, Brexit, foreign exchange, quality, cyber security, covenants and headroom, Brexit risks and mitigating actions, aviation market, freedom of movement, tax, ownership, currency, airline, Key to certain UK Companies Act strategic report and non-financial information statement disclosures, CA sections 414C, 414CA and 414CB, Brexit plans and share ownership, principal risks, airline, Streamlined Energy and Carbon Reporting (SECR) disclosure, UK SI 2018/1155, Principal risks, cyber security and description of measures taken during the year, Brexit and other economic and political risks, passporting, customers, employees, banking, Table showing location of non-financial information required by UK Companies Act section 414CB, Coronavirus, impact assessment, outlook, stress testing, viability, retail, Disclosure of additional segment for international following interaction with FRC Conduct Committee, IFRS 8 paras 33(a)(b), geographical information, revenue, non-current assets, IFRS 8 paras 22, 23, 28, profit, assets and liabilities, reconciliations and disaggregated IFRS 15 information, IFRS 8 para 22(aa), judgements made in aggregating operating segments into reportable segments, Disclosure of vertically integrated operations, aggregation of segments and reasons, IFRS 8 para 32, information about products and services, IFRS 8 para 34, disclosure of major customers, IFRS 8 para 22(aa), disclosure for aggregation of operating segments, IFRS 8 para 22(aa), judgements applied in aggregating segments, including economic indicators, IAS 36 para 129, disclosure of impairments and reversals by segment, IAS 10 para 8, adjusting post balance sheet event, safety recall, IAS 10 para 9(a), adjusting event, settlement of legal case, IAS 10 para 21, 22(f), proposed capital raising, non-adjusting events, IAS 10 para 17, date of authorisation of financial statements for issue, IAS 10 para 21, non-adjusting pbse, tornado, agreement with pension trustees on deficit funding, IAS 10 paras 21, 22(e), restructuring announced post year end, IAS 10 para 21, non-adjusting event, decision to return government furlough assistance, COVID – 19, IAS 10 para 22(e), announcement of major restructuring, non-adjusting event, with quantification of expected cost, IAS 10 para 21, non-adjusting post balance sheet event, regional flooding, partial suspension of operations, IAS 10 para 21(b), 22(e), major restructuring announced post year end, IAS 10 paras 21, 22(b) (e), post balance sheet administration of major subsidiary, restructuring, pro-forma, IAS 10 para 22(h), substantively enacted tax changes, brought forward losses, potential implications of Brexit, PPE carried at valuation, policy, IFRS 13 para 93 fair value hierarchy and disclosure of unobservable inputs, COVID – 19, aircraft maintenance, policy for owned aircraft and provisioning policy for operating leased aircraft (IFRS 16 adopted), IAS 16 para 14, accounting for dry-docking expenditure, shipping, Property at valuation, policy for surpluses and deficits, level 3 hierarchy disclosures for unobservable inputs, IAS 16 para 51, IAS 8 para 38, change in useful lives of power plants, IAS 16 para 51, IAS 8 paras 39,40, change in useful lives of aircraft and engines, IAS 16 para 51, residual values reviewed annually, IAS 8 para 39, disclosure of current year effect of change in estimate, IFRIC 20, policy for deferred stripping costs, mining, judgements and estimates, IAS 16 para 74(c), contractual commitments for PPE, IAS 23 para 26, disclosure of interest capitalised and UK LR 9.8.4R tax relief thereon, Presentation of financial statements – IAS 1. These are outlined in note 4. IAS 41 presumes that fair value can be reliably measured for most biological assets. IAS 19, increase in pensions liabilities following High Court judgement regarding equalisation of benefits between men and women, IAS 19, increase in pension liabilities following High Court ruling on equalisation of benefits between men and women, IAS 19 para 99 (revised) adopted, updated actuarial assumptions used following plan amendment, Financial instruments – IFRS 9, IFRS 7, IAS 32, IFRS 9 para 2.5, fair value through profit or loss option adopted for own use contracts to eliminate accounting mismatch, IFRS 9, IFRS 7 paras 23A -24F, fair value and cash flow hedge disclosures, IFRS 9 para B 6.6.15, separate presentation of amounts reclassified from OCI when cash flow hedging net offsetting amounts, IFRS 9, IFRS 7 paras 22A – 22C and 40-41, risks and risk management, VaR, commodity, interest, fx, risks, IFRS 9, financial instruments policies including hedging and impairment, IFRS 9, hedging policies and IFRS 7 paras 21-24G certain hedge accounting disclosures, IFRS 9 para 6.5.11 (d) (i), gains or losses on cash flow hedges transferred from equity direct to non-financial assets and liabilities and not shown in OCI as reclassifications, IFRS 9 para 5.5.15, simplified approach for impairment of trade receivables and contract assets, IFRS 7 paras 35A-35N, certain disclosures, IFRS 9 para 5.5.15, simplified approach for impairment of trade receivables, IFRS 7 paras 35A-N, certain disclosures, IFRS 9 adopted, policies, paras 4.1.2A, 5.7.10, debt at FVTOCI, paras 5.7.5, B5.7.1 equity investments designated at FVTOCI, IFRS 9, accounting mini-series, hedge accounting under IFRS 9, IFRS 9, accounting mini-series, expected credit loss provisioning under IFRS 9, IAS 32 para AG 26, hybrid bonds treated as equity, terms and conditions, IFRS 9, policy for financial instruments, hedging, impairment, equity investment (other than trading) gains and losses in OCI, IFRS 9 policy for financial assets, election to take gains and losses on equity investments to OCI and not recycled, IFRS 7 paras 42A-42H, continuing involvement in derecognized financial assets, certain disclosures, IFRS 9 paras 5.5.1, 5.5.2, 5.7.11, IE example 13, impairment of debt instruments at FVTOCI, IFRS 9, IFRS 7 paras 21-24G, derivatives policies and certain hedge accounting disclosures, costs, IFRS 9 adopted, IFRS 7 paras 21A-24G hedging disclosures and policies, IFRS 7 paras 35F-35N, certain disclosures on credit risk, para 5.1.15, IFRS 9, financial instruments policies, IFRS 7 para 34, concentration of credit risk, automotive customers, IFRS 7 paras 33-38, certain credit risk disclosures, impairment policy, simplified method for trade receivables, IFRS 7 paras 20, 21A-24F, certain disclosures, income statement, hedge fair values and gains and losses on hedges, IFRS 7 para 34(c), disclosure of concentration of credit risk, IFRS 9, credit risk, certain IFRS 7 paras 35A-N disclosures, simplified approach for trade receivables, IFRS 9 para 5.5.15 simplified approach for trade receivables and contract assets, disclosures for receivables and contract assets and liabilities, IFRS 9, simplified approach for trade receivables, policy, judgements and estimates and disclosures including credit risk, IFRS 7 paras 31-34, 39-40, liquidity, maturity analysis, fx and interest risk, sensitivities, IFRS 9, accounting policies, financial instruments, cash flow hedging, IFRS 13 para 93, level 3, fair value hierarchy, unobservable inputs and sensitivity, IFRS 7 paras 33-38, certain credit risk disclosures, impairment policy, lease and trade receivables and contract assets simplified method, IFRS 7 paras 13A – 13F, disclosures in respect of offsetting of financial instruments, IFRS 7 paras 42A-42H, disclosure for transfers of financial assets that have not been derecognised, IFRS 9, IFRS 7 credit risk, para 35G inputs and assumptions for lifetime ECL, receivables by geography and age, IFRS 7 paras 42A-42D, disclosure in respect of transferred assets retained on balance sheet, IFRS 9, IFRS 7 simplified method for receivables and contract assets disclosures, IFRS 9 para 6.5.12(b), reclassification of amounts to profit and loss when hedged future cash flows no longer expected to occur, IFRS 7 paras 39, B11-B11F, liquidity risk, undiscounted maturity analysis of financial liabilities, IFRS 9, change of policy for value hedges of non-financial assets following IFRIC September 2019 agenda decision, IAS 32 para 23, liability for irrevocable and non-discretionary buy back of own shares, Valuation methodology – investment trust, venture capital investments, IFRS 13 para 93 disclosures, Financial instruments – IAS 39, IFRS 7, IAS 32, IFRS 7 para 31, disclosure of potential effects on liquidity of supplier financing and receivables factoring, IAS 32, change in offsetting and cash pooling arrangements presentation following IFRIC agenda decision, IFRIC 19, debt for equity swap, gain in income statement, transfer to share premium under UK Companies Act of difference between fair value of shares issued and face value of debt, IAS 39 paras 40-41, AG 62, refinancing, substantial modification, extinguishment of old and recognition of new liability, IAS 39 paras 40-41, AG 62, gain on extinguishment of debt and recognition of new financial liability, IAS 21, para 52 (a), disclosure of exchange differences recognised in profit or loss, IAS 21, disclosure of effect of Argentinian peso devaluation, IAS 21, hyperinflation, synthetic rate used for translation of Venezuela subsidiary and Argentina hyperinflation, significant judgement, Venezuela, exchange rates, hyperinflation, deconsolidation of subsidiary following loss of control; Argentina, Hyperinflation policy and disclosure, Syria, Sudan and South Sudan, IAS 21 para 57, disclosure for convenience translation, IAS 21 paras 35, 54, change of functional currency, and change of presentation currency, IAS 21, change of presentation currency, equity translated at historical rates, IAS 1 para 10(f), third balance sheet, IAS 21, IAS 8 para 29, change of presentation currency, euro to US dollars, IAS 1 para 10(f), third balance sheet, IAS 21 para 53, presentation currency different from functional currency and reasons, IFRIC 22, foreign currency and advance consideration, disclosure of effect of adoption, Argentina accounted for as hyperinflationary economy, Argentina treated as hyperinflationary economy, Translation of Venezuelan operations, rate based on management’s estimate considering forecast inflation and most appropriate official exchange rate, Half year report, discussion of impact of Brexit, exchange rate, consumer confidence, IAS 34, para 16A (i), disclosures in respect of business combination in the period, Half year report, UK DTR 4.2.7R, principal risks updated for COVID – 19, summary and cross reference to annual report, Half year report, IAS 34 para 15B (m), changes in contingent liabilities, Half year report, IAS 34 para 15B (b), recognition of impairment loss in the period.

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