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Agriculture – AcSB

Date recorded:

At its meeting on May 15, 2018, the AcSB discussed the current draft of the exposure draft, and decided to clarify:

  1. the application of the accounting policy choice to measure agricultural inventories at cost, or net realizable value when certain conditions are met;
  2. that a productive biological asset is tested for impairment when its carrying value may not be recoverable, consistent with guidance in Section 3063, Impairment of Long-lived Assets;
  3. that a product may meet the condition of a reliable, readily determinable and realizable market price if a quoted price for a similar product is observable; and
  4. that the transition relief to not account for agricultural inventories and productive biological assets under the new section applies to any asset derecognized during the first year of application or in the prior year. The Board directed the staff to proceed to ballot and plans to issue the exposure draft in July 2018, with comments requested by October 31, 2018.

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

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