Accounting for Heritage and Biological Assets

Running head: ADVANCED FINANCIAL ACCOUNTING
Financial Accounting
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FINANCIAL ACCOUNTING1
Table of Contents
Introduction......................................................................................................................................2
Discussion........................................................................................................................................2
Heritage Assets................................................................................................................................2
Accounting for Heritage Assets...................................................................................................2
Valuation of Heritage Assets.......................................................................................................3
Biological Assets.............................................................................................................................3
Accounting for Biological Assets................................................................................................3
Common Example of Biological Assets......................................................................................4
Classification and Reporting of Financial Statements.................................................................4
Measurement of Biological Assets..............................................................................................5
Accounting for Agricultural Produced........................................................................................6
Conclusion.......................................................................................................................................6
References........................................................................................................................................7

FINANCIAL ACCOUNTING2
Introduction
Accounting for Heritage Assets in accordance with the Accounting Standards Board (UK,
2006) can be well defined as an asset with the historic, artistic, geophysical or technological
qualities held and maintained which are primarily hold and maintained by the institutions are
specific because of the knowledge and culture contribution done by them. The recognition,
measurement and classification of the historical asset can be in specific to the AASB 116. Some
of the common form of heritage assets can be national parks, national monuments, museum and
libraries, which are unique, and substitute of the same is not found easily. These assets because
of their specific artistic creation cannot be easily created or replaced (Abbott, & Tan‐Kantor,
2018).
Accounting for Biological Asset can be done with the help of the AASB 141 as a
management by entity of the biological transformation of the biological assets, that are held for
sale for the purpose of agricultural production or additional biological assets. In terms of
defining the asset, the application of AASB 141 should be well applied for the production of the
Agricultural products and biological asset except for the bearer plants (Hu, Percy & Yao, 2015).
Discussion
Heritage Assets
Accounting for Heritage Assets
The heritage and cultural assets can be recognised and measured reliably in accordance
with the AASB 116. Heritage Assets acquired at minimal cost or for a minimum nominal cost is
necessarily to be recognised at the fair value at the date of acquisition for the company. Heritage
and Cultural Assets, which are to be recognised in the financial statement, must provide expected