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21	Clarifying fair value accounting challenges in the reporting of biological assets in the public sector by referring to ASGISA-EC Van Biljon, Marilene 11 March 2013 (has links) Fair value accounting of biological assets in the public sector was introduced with the adoption of the public sector specific accounting standard, Generally Recognised Accounting Practice (GRAP) 101. The public sector currently uses different bases of accounting: public entities and municipalities must use accrual accounting and apply the principles of GRAP, while government departments report on the modified cash basis. Furthermore, public entities do not consistently apply the requirements of GRAP 101. This lack of a uniform basis of accounting has a negative effect on the comparability of financial information. This study identified the challenges facing the public sector in the application of GRAP 101, specifically regarding the fair value accounting of biological assets. The successful implementation of GRAP 101 by a public entity, AsgiSA-EC, was used as a case study to clarify the fair value accounting challenges in the reporting of biological assets in the sector. / Business Management / M. Accounting Science Fair value Biological assets Agriculture Pubic sector Rural development Accounting basis Conversion challenges Public accountability 657.83500968 Assets (Accounting) Accounting -- standards -- South Africa Fair value -- Accounting Financial statements -- Standards