Biological Assets Classification
This is a mind map that contains information about the biological asset classification.
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MFRS 141 Agriculture applies to accountfor biological assets (except for bearerplants), agricultural produce at the point ofharvest and government grants that relatesto agricultural activity
A living animal or plant

Agricultural activity
Common Features
Capability to change
Management of change
Measurement of change
Biological transformation
Agriculture produce (MFRS 141)
Harvest
Bearer plants (MFRS 116)
The bearer plants would continue to bearthe produce until they are no longerproductive.
Finished Products (MFRS 102)

FV can be measured reliably
The aggregate gain or loss that arise
A description of each group of biologicalassets
The nature of activities
The methods and significant assumptionsused in determining the fair value
The fair value less costs to sell
A reconciliation of changes in the carryingamount of biological assets
FV cannot be measured reliably
A description of the biological assets
An explanation of why fair value cannot bemeasured reliably
The range of estimates within which fairvalue is highly likely to lie (if possible)

The entity controls the assets as a result ofpast events.
It is probable that future economic benefit
associated with the asset will flow to the
entity.
The fair value or cost of the asset can be measured reliably.

Based on its present location and condition.
Active market exists
Market quoted price (most relevant)
No active market exists.
Most recent transaction price
Market price for similar assets
Sector benchmark
PV of expected net cash flows
FV cannot be measured reliably
Cost Acc,Dep, Acc. IL