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Agriculture – AcSB

Date recorded:

At its meeting on June 22, 2017, the AcSB continued its deliberations on the key issues raised by stakeholders and considered advice of its Agriculture Advisory Group on several topics related to the project scope and definitions, and measurement. With respect to scope, the Board decided that the scope of the proposed guidance should be similar to that provided by U.S. GAAP, by defining and referring to agricultural producers, rather than agricultural activity. As a result, agricultural inventories would be within the scope of the project when they are held by an enterprise that is an agricultural producer, regardless of whether or not they are the output of that enterprise’s agricultural activity. With respect to measurement, the Board decided that agricultural producers should measure: agricultural inventories at current value when conditions are met, or at cost; and productive biological assets at cost. When determining current value, the Board considered the advice of its Agriculture Advisory Group and agreed that the most appropriate measure of current value for agricultural inventories is net realizable value. When determining cost, the Board decided to provide the option to use either direct costs only, or full cost. The Board will decide on the specific costs to be included under each approach after receiving further advice from its Agriculture Advisory Group.

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