Examining the Accounting Practice for Biological Assets among Malaysian Listed Companies: The Case of Aquaculture

The aquaculture sector has been recognized as a crucial and high-priority area in Malaysia's economic development.The study's goal is to investigate the accounting practices used by Malaysian aquaculture-listed firms.As samples, two listed aquaculture enterprises were chosen.The accounting processes of the listed aquaculture companies were examined using content analysis.By looking at how the aquaculture business was covered in the annual reports of these chosen companies, the study's goal was achieved.The study specifically looked at the listed businesses' accounting processes for aquaculture definition, recognition, measurement, presentation, and disclosure.The major conclusions showed that the two companies accounting practices in terms of biological asset-aquaculture definition, recognition, measurement, presentation, and disclosure comply with the standards of MFRS 141 Agriculture.The findings of this study added to our understanding of agricultural accounting.The findings will offer new aquaculture-listed firms accounting best practices guidelines.The findings are also anticipated to help Malaysian businesses embrace MFRS 141 by improving the regulatory environment.