Is IAS 41 relevant?: Representing the fundamental perceptions of selected banana and pineapple companies in the Davao Region

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ID: 284650
2017
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Abstract
Agriculture has been a major player in the world economy. However, much attention by the research community has not been given to it or to its accounting, specifically of biological assets (BA). It is the hope of this proposal to change that. International Accounting Standards (IAS) 41 prescribes the use of fair value method for accounting BA. The transition from fair value method from the more traditional cost method has been highly debated. In this study, the experiences regarding the application of IAS 41 of different banana and pineapple producers within Davao region are explored This study aimed to shed light on the landscape of different agricultural activities of banana and pineapple producers in the Davao region and how these activities connect to the application of IAS 41. The research also explored the similar and different experiences, and the challenges that these companies have encountered with respect to applying said standard. Several banana and pineapple producers in the Davao region that have adopted the full Philippine Financial Reporting Standard (PFRS), the country's own version of the International Financial Reporting Standards (IFRS), and therefore apply fair value method in deriving the measurement for biological assets as mandated by IAS 41, were interviewed. The emerging themes in the experiences of these companies were further examined. It was found that all of the respondents adhere to IAS 41 and use fair value method in reporting banana biological assets in the year-end financial statements. However, the exception cited in paragraph 30 of the standard is applied for pineapple biological assets. In spite of continued encouragement by external auditors to report pineapple biological assets at fair value, the companies maintain their stand that they cannot reliably measure the fair value of pineapple crops. It was also found that in spite of the companies compliance to the standard, not all appreciate, or even fully understand the concept of and justification for using fair value method. Furthermore, there are companies which depend on their external auditors to help them comply with the standards and their compliance is solely for compliance purposes only.
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persistent_1760653286_68f16fe63ad63 Use this key to autocite in the manuscript while using SciMatic Manuscript Manager or Thesis Manager
Authors Carpio, Rhea Jane V.
Journal Malay Journal
Year 2017
DOI
DOI not found
URL
https://animorepository.dlsu.edu.ph/etd_masteral/5383
Keywords Keywords not found

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