Accounting for agriculture in Malaysia: a special attention to aquaculture

In Malaysia, the aquaculture industry has been identified as a vital and priority sector in the economic development of the country. The purpose of the study is to examine the accounting practice among aquaculture listed companies in Malaysia. Two aquaculture listed companies were selected as samples. A content analysis was utilised to investigate the aquaculture listed companies' accounting practices for aquaculture. The objective of the study was satisfied by examining how aquaculture industry was reported in the annual reports of these selected companies. In particular, the study examined the listed companies’ accounting practices for definition, recognition, measurement, presentation, and disclosure of aquaculture. The main findings revealed that the accounting practice of the two companies with regards to definition, recognition, measurement and presentation and disclosure of biological asset-aquaculture are in line with requirements of MFRS 141 Agriculture. The results of the current study contributed to knowledge in agriculture accounting. The results will provide guidelines of accounting practice on aquaculture to new aquaculture listed companies. The findings are also expected to contribute to the regulatory improvement towards adoption of MFRS 141 by companies in Malaysia.