At its meeting on October 24, 2017, the Agriculture Advisory Group (AAG) discussed (i) current practice for measuring biological assets at NRV, and the conditions that should be provided in the Board’s proposals for measuring agricultural inventories at NRV, including whether criteria similar to U.S. GAAP would be fit for purpose in Canada; (ii) the composition of the cost of biological assets, including the ability of agricultural producers to allocate the costs of conversion, and whether a practical expedient should be given to agricultural producers in limited circumstances to assist in determining cost; and (iii) whether they had any concerns with the Board’s tentative decision regarding the guidance for change in use.

Review the meeting notes on the AcSB's Web site.