UNDERSTANDING BIG DATA-FAIR VALUE MEASUREMENT MODEL OF BIOLOGICAL ASSETS

Abstract

This research establishes a Big Data-Fair Value Measurement Model of Biological Assets using a Smart Farming Approach. The aim of the study is to gather literature knowledge about the judgment of biological assets. The use of big data and innovative farming in the agricultural sector is relatively new in Malaysia, making people wonder about its effectiveness, whether positive or negative. However, determining fair value can be a daunting task due to the existence of personal biological properties and the variety of specimens (offspring), classes, and conditions. Agricultural sectors need to be more emphasised by many parties as the increases in cost production is not a trivial matter that can be ignored. There have been pressures from foreign countries such as Thailand, Vietnam, and Indonesia in the agricultural sector. Malaysia faces one major challenge: the cost of production, including wages and inputs, is relatively higher. (Rozhan 2019). Agricultural accounting is a minor standard, but it has a broad scope and a significant impact on agricultural businesses based on the accounting perspective, the MFRS141/IAS 41. The standard improves the transparency of the cost to replace capital (by allowing for depreciation and amortisation) and better reflects the productive lifespan of assets in agricultural operations. However, the application of MFRS 141 Agriculture is still relatively new in Malaysia, and a thorough examination of the literature indicates several gaps and deficiencies. This literature review is vital to support the study on Big Data-Fair Value Measurement Model of Biological Assets as the agricultural sector's involvement was recently popular. It might also offer some good ideas for handling problems involving the fair value measurement. Future studies will help the Ministry of Agriculture and Food Industries, agriculture sector workers, in terms of practical perspective. Therefore, the future result of the study suggests an improvement within the agriculture sector related to the treatment in their fair values, issues, and strategies.