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Commission Regulation (EC) No 1725/2003
of 29 September 2003
adopting certain international accounting standards in
accordance with Regulation (EC) No 1606/2002
of the European Parliament and of the Council
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Additional disclosures for
biological assets where fair value cannot be measured
reliably
54. If an enterprise measures
biological assets at their cost less any accumulated
depreciation and any accumulated impairment losses (see
paragraph 30) at the end of the period, the enterprise should
disclose for such biological assets:
(a) a description of the
biological assets;
(b) an explanation of why fair
value cannot be measured reliably;
(c) if possible, the range of
estimates within which fair value is highly likely to lie;
(d) the depreciation method
used;
(e) the useful lives or the
depreciation rates used; and
(f) the gross carrying amount
and the accumulated depreciation (aggregated with accumulated impairment losses) at the beginning and end of the period.
55. If, during the current
period, an enterprise measures biological assets at their cost
less any accumulated depreciation and any accumulated
impairment losses (see paragraph 30), an enterprise should
disclose any gain or loss recognised on disposal of such
biological assets and the reconciliation required by paragraph
50 should disclose amounts related to such biological assets
separately. In addition, the reconciliation should include the
following amounts included in net profit or loss related to
those biological assets:
(a) impairment losses;
(b) reversals of impairment
losses; and
(c) depreciation.
56. If the fair value of
biological assets previously measured at their cost less any
accumulated depreciation and any accumulated impairment losses
becomes reliably measurable during the current period, an
enterprise should disclose for those biological assets:
(a) a description of the
biological assets;
(b) an explanation of why fair
value has become reliably measurable; and
(c) the effect of the change.
Government grants
57. An enterprise should
disclose the following related to agricultural activity
covered by this Standard:
(a) the nature and extent of
government grants recognised in the financial statements;
(b) unfulfilled conditions and
other contingencies attaching to government grants; and
(c) significant decreases
expected in the level of government grants.
Effective date
and transition
58. This International
Accounting Standard becomes operative for annual financial
statements covering periods beginning on or after 1 January
2003. Earlier application is encouraged. If an enterprise
applies this Standard for periods beginning before 1 January
2003, it should disclose that fact.
59. This Standard does not
establish any specific transitional provisions. The adoption
of this Standard is accounted for in accordance with IAS 8,
net profit or loss for the period, fundamental errors and
changes in accounting policies.
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