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Agriculture – AcSB

Date recorded:

At its meeting on December 12, 2018, the AcSB considered the feedback on its Exposure Draft in comment letters and during roundtable consultations with stakeholders. The Board directed staff to seek input from its Agricultural Advisory Group (the Group) about the feedback on the following proposals to:

  1. require costs of disposal to be “relatively insignificant” to meet the conditions for measuring agricultural inventories at net realizable value;
  2. require the accounting policy choice to determine cost using only input costs to be applied consistently to all agricultural inventories measured at cost; and
  3. prohibit an agricultural producer from changing its accounting policy from determining cost using full cost to only input costs. The AcSB also asked the Group to explore areas of the proposed guidance that stakeholders commented might require further clarification. Lastly, the AcSB directed staff to consult with and conduct further research into the forestry industry to better understand issues raised by industry stakeholders.

The Board will consider the input provided by the Group and the results of the further research at its March 2019 meeting.

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

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