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

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 countr...

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Main Author: Joyno, Margie I.
Format: text
Language:English
Published: Animo Repository 2003
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Online Access:https://animorepository.dlsu.edu.ph/etd_masteral/3118
https://animorepository.dlsu.edu.ph/cgi/viewcontent.cgi?article=9956&context=etd_masteral
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Institution: De La Salle University
Language: English
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spelling oai:animorepository.dlsu.edu.ph:etd_masteral-99562022-02-08T06:49:57Z 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 Joyno, Margie I. 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. 2003-11-21T08:00:00Z text application/pdf https://animorepository.dlsu.edu.ph/etd_masteral/3118 https://animorepository.dlsu.edu.ph/cgi/viewcontent.cgi?article=9956&context=etd_masteral Master's Theses English Animo Repository Agriculture—Philippines—Accounting Farm management Cattle trade—Philippines—Accounting Accounting
institution De La Salle University
building De La Salle University Library
continent Asia
country Philippines
Philippines
content_provider De La Salle University Library
collection DLSU Institutional Repository
language English
topic Agriculture—Philippines—Accounting
Farm management
Cattle trade—Philippines—Accounting
Accounting
spellingShingle Agriculture—Philippines—Accounting
Farm management
Cattle trade—Philippines—Accounting
Accounting
Joyno, Margie I.
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
description 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.
format text
author Joyno, Margie I.
author_facet Joyno, Margie I.
author_sort Joyno, Margie I.
title 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
title_short 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
title_full 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
title_fullStr 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
title_full_unstemmed 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
title_sort 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
publisher Animo Repository
publishDate 2003
url https://animorepository.dlsu.edu.ph/etd_masteral/3118
https://animorepository.dlsu.edu.ph/cgi/viewcontent.cgi?article=9956&context=etd_masteral
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