Brought to bear

In order to be awarded CPD units you must answer the following five random questions correctly. If you fail the test, please re-read the article before attempting the questions again.

  1. The amendments are principally based on the International Accounting Standards Board (IASB) Issues Paper on IAS 41 Agriculture. Essentially, with the amendments, bearer plants would -

  2. Which of the following statements relate to the treatment of agriculture produce growing on bearer plants under the amendments to MFRS141/IAS 41?

  3. Which of the following best describes the subsequent measurement of bearer plants under the amendments to MFRS 141/IAS 41?

  4. What are the accounting standards that are affected or contain changes as a result to IASB/MASB amendments to biological assets relating to bearer plants?

  5. When would agriculture-based Transiting Entities in Malaysia required to adopt the MFRS Framework?

  6. What is the main reason for the amendments made by MASB/IASB to MFRS 141/IAS 41 Agriculture relating to bearer plants?

  7. Which will be the most likely classification of bearer plants which have a useful life of more than 12 months?

  8. Under the amendments to MFRS 141/IAS 41 and corresponding changes to MFRS 116/IAS 16, a bearer plant is defined as a living plant that fulfil the following criteria, EXCEPT -

  9. Which of the following statements are TRUE in relation to biological assets and bearer plants under MFRS 141/IAS 41?

  10. Which of the following plants would satisfy the conditions to be regarded and accounted for as bearer plants under the amended MFRS 141/IAS 41 and MFRS 116/IAS 16?