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International Accounting Standards (IAS)
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| U.S. GAAP | IFRS, IAS | Accounting Topics |
International Accounting Standard (IAS) 41
Agriculture
International Financial
Reporting Standards (IFRS) |
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International Accounting
Standards (IAS) |
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U.S. GAAP by Topic |
| International Accounting Standard (IAS) 41 |
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IAS 41
Agriculture Issued in
February 2001 Recent amendment:
by IAS 1 revised in September 2007 |
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What is
agricultural produce? --> harvested product of biological assets |
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What is a
biological asset? --> a living animal or plant |
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Recognition conditions --> a biological asset (or agricultural produce) is recognised if all of the following conditions are met: (1) control: the entity controls the asset (2) future economic benefits: it is probable to receive future economic benefits (3) measurement: fair value or cost of the asset can be reliably measured |
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Measurement --> a biological asset is measured --> at fair value - estimated sale costs --> at the initial recognition point and --> at the end of each reporting period |
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Measurement --> agricultural produce is measured --> at fair value - estimated sale costs --> at the point of harvest |
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Gain or
loss (1) biological assets: --> a gain or loss from the initial recognition is included in profit or loss --> a gain or loss from a change in fair value - estimated sale costs is included in profit or loss (2) agricultural produce --> a gain or loss from the initial recognition is included in profit or loss |
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Biological
assets --> may be classified as (1) mature biological assets or (2) immature biological assets |
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Mature
biological assets --> biological assets that (1) have attained harvestable specifications or (2) can sustain regular harvests |
