Biological asset valuation at fair value under IAS 41: case of African palm plantations in the department of Magdalena, Colombia
Abstract
IAS 41 requires measuring biological assets at fair value, yet its implementation in the Colombian palm oil sector remains limited. This article presents the design and simulation of a valuation methodology based on the present value of expected net cash flows over the remaining productive life of plantations, applied to Palmas Celín S.C.A. in the department of Magdalena. A qualitative-descriptive approach with an inductive method was adopted. The main result shows that the fair value of the plantations as of December 31, 2019, amounts to COP $5,162,986,917, equivalent to 3.4 times the historical cost value (COP $1,518,767,071). This finding demonstrates that IAS 41 implementation substantially improves the quality of financial reporting in the palm oil sector, with direct implications for access to financing and managerial decision-making.
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