An in-depth study on the accounting practices of selected cattle raising companies in Regions X and XI on the measurement of biological assets and financial statement presentation of biological transformation in relation to IAS 41
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ID: 284676
2003
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Abstract
This study determines the perceptions of cattle raising companies on IAS 41 with respect to the measurement of biological assets and financial statement presentation of biological transformation to provided relevant information to standard setters in formulating future standard suited for the country. The existing accounting practices were also determined together with the factors that influence thereof to provide cattle raising companies relevant information for reviewing and improving their own accounting practices while the standard for agriculture are yet to be implemented. This study made use of a descriptive research design with frequency tabulation, percentages and mean as statistical treatment to answer the problems and objectives. There were 22 selected cattle raising companies in Regions X and XI that served as respondents of the study. The findings of the study show that there is diversity in the accounting practices of cattle raising companies. The needs of primary external users, cost and benefit constraint, ease in calculation and recommendations and suggestions of external auditors contribute extensively to the accounting practices while training in finance and accounting of owners and key accounting personnel only contributed fairly. Poor in extent is the contribution of industry practice to the accounting practices of cattle raising practices. On the companies' perceptions on the merit of fair valuation approach in biological assets, the findings show a mean response of 3.59 indicating agreement and a mean of 3.23 indicating neutrality of their perception on the inclusion of the gain or loss due to biological transformation in net profit or loss for the period. The level of consideration of simplicity and ease of the accounting practice as a factor to the perceptions is moderately high; the enhancement of the qualitative characteristics of the financial statements is very high; the consistency with the recognition principle of the elements of financial statement is low; and the tax implications is very high.
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| Authors | Joyno, Margie I. |
| Journal | Malay Journal |
| Year | 2003 |
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| Keywords | Keywords not found |
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