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Volume :20 Issue : 3 2013      Add To Cart                                                                    Download

Empirical Investigation of Accountants and External Auditors' Perceptions of Biological Assets Measurement in Saudi Arabia

Auther : Ibrahim A. Allehaidan

This paper aims at analyzing and evaluating the professional opinion issued by the Saudi Organization for Certified Public Accountants (SOCPA) in 2009 to measure the biological assets based on the historical cost. This paper uses a survey questionnaire to elicit the opinion of a sample of accountants and auditors in Saudi Arabia to (i) test the suitability of the historical cost as a basis for measuring biological assets across the physical expansion of such assets, and (ii) identify the reliability of measurement resulting from using another measuring basis to valuate these assets during the stages of procreation, growth and deterioration, in a way that satisfies the information quality. The results revealed that the historical cost can be used to measure the biological assets in the following stage of maturity stage. Furthermore, in cases where active markets of biological assets are available, the fair value can province a reliable measure in the growth and deterioration stages. Additionally, the target sample of accountants and auditors practicing in Saudi Arabia has supported the findings of this paper. Therefore, this paper strongly recommends that the Saudi Organization for Certified Public Accountants should revise the former professional opinion issued in 2009 and release a newly accounting standard on agriculture with executive guidelines to achieve the quality of accounting information and preserve the interests of the interested stakeholders.

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Nov 19, 2019

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