A publication about developments in Philippine taxation. The contents usually include latest Republic Acts, Bureau of Internal Revenue issuances, Customs regulations, Court decisions, BSP circulars, SEC circulars, Department of Justice opinions and Executive Orders relevant to Tax practice.
Prior to 2014, IAS 41, Agriculture, required all ‘bearer’ biological assets and the produce growing on the bearer plant (or ‘consumable’) related to agricultural activity to be measured generally at fair value less cost to sell. This is based on the principle that the biological transformation of biological assets is best reflected by fair value measurement. IAS 41 further defines biological transformation as “the processes of growth, degeneration, production, and procreation that cause qualitative or quantitative changes in a biological asset”.
For previous Client Advisory Letters issues, please contact:
Lyn Golez, Tax services