I. INTRODUCTION
Evaluation of biological asset differentiates itself from the other forms of asset, since it transforms in
accordance to life cycle. Comparing to other asset, biological one, then, has more costly value per one unit
cost due to its long-term growth, and factors related to unexpected natural process (Bennett, Anderson, &
Blaney, 2002) (Jaroslav, 2010).
Thai Federal of Accounting Profession under the Royal Patronage of His Majesty King (FAP) has restandardized
(draft) Thai Accounting Standard No. 41 (TAS41) in accordance to International Accounting
Standard No. 41 (IAS41), in order to apply with Thai domestic agricultural business (Thai accounting standard,
2009). However, TAS41 has encountered the same problems as IAS41 did; that are problems in reliability of