IFRS - IAS 41 Agriculture

Tags

Top Highlights

• biological assets

• agricultural produce

• government grants

• management by an entity of the biological transformation and harvest of biological assets for sale or for conversion

• harvested produce of the entity’s biological assets.

• used in the production or supply

• expected to bear produce for more than one period

• remote likelihood of being sold

• living animal or plant

• processes of growth, degeneration, production, and procreation that cause qualitative or quantitative changes

• incremental costs directly attributable to the disposal of an asset, excluding finance costs and income taxes

• aggregation of similar living animals or plants.

• detachment of produce from a biological asset or the cessation of a biological asset’s life

• amount at which an asset is recognised in the statement of financial position

• price that would be received to sell an asset or paid to transfer a liability in an orderly transaction

• controls

• probable that future economic benefits

• cost of the asset can be measured reliably

• measured on initial recognition and at the end of each reporting period at its fair value less costs to sell

• measured at its fair value less costs to sell at the point of harvest