Accounting for flora and fauna gives Southeast Asia growing pains

Auditors and investors in Southeast Asia are pushing back against an accounting standard used to value farm animals, crops and other agricultural produce that they fear will make profits more volatile and raise the risk of corporate skulduggery.

The standard is used in many developed markets, but attracted controversy in Asia last year when Singapore-listed Olam International was accused by short-seller Muddy Waters of aggressively booking fair value gains from its array of so-called “biological assets”.

via Business feed http://www.scmp.com/business/companies/article/1280257/accounting-flora-and-fauna-gives-southeast-asia-growing-pains