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Agriculture – AcSB

Date recorded:

At its meeting on March 20-21, 2018, the AcSB considered the feedback received from fatal-flaw reviews and field testing the draft exposure draft of Section 3041, Agriculture. This feedback included input from members of its Agriculture Advisory Group and the PEAC, as well as from practitioners in the agriculture industry and agricultural producers. The Board directed the staff to clarify the proposals in the exposure draft regarding:

  1. the point at which an enterprise ceases to apply proposed Section 3041, Agriculture, and applies another standard (such as Section 3031, Inventories);
  2. agricultural inventories growing on land or in waters that an enterprise does not own or control;
  3. the elements of input costs;
  4. the condition that agricultural inventories must be available for immediate delivery to be measured at net realizable value; and
  5. the rebuttable presumption that a biological asset is agricultural inventory on initial recognition if it is not used in a productive capacity. The Board further directed the staff to prepare materials illustrating key concepts to accompany the Exposure Draft when it is published no later than the third quarter of 2018.

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

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