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Agriculture – AcSB

Date recorded:

At its meeting on December 14, 2017, the AcSB considered the drafting of the proposed new Section and directed the staff to develop the elements of cost that are included when full cost is not used to measure agricultural inventories.

In addition, the Board decided:

  • that amortization should not be required when productive biological assets are managed and accounted for on a group basis and the useful life and productive capacity of the group does not change significantly over time;
  • to confirm the preliminary views outlined in the Discussion Paper, “Agriculture,” regarding presentation and impairment; and
  • in addition to the disclosures outlined in the Discussion Paper, agricultural producers must disclose:
    • quantities of agricultural inventories and productive biological assets when practical; and
    • their accounting policy when determining cost and information about unallocated costs.

The Board also directed the staff to arrange the fatal-flaw review and the field test of the proposed new Section. The Board will consider this feedback in March 2018 and plans to issue an exposure draft no later than the third quarter of 2018.

Review the Executive Summary on the AcSB's Web site.

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