Agriculture – Not-for-Profit Advisory Committee

Date recorded:

At its meeting on July 5, 2018, the Not-for-Profit Advisory Committee discussed the current draft of the Exposure Draft, “Agriculture,” and the next steps for the Agriculture project. The Committee discussed that, although not common, NFPOs do engage in activities and events related to agricultural production. Many agricultural producers currently apply the scope exemption in Section 3031, Inventories, to measure living animals and plants (biological assets) and the harvested product of biological assets (agricultural produce) at net realizable value rather than at cost. The proposals introduce conditions that must be met for agricultural inventories to be measured using the net realizable value model, which would limit the circumstances when agricultural inventories can be measured at net realizable value. These conditions may result in a change in practice for some agricultural producers. The AcSB plans to consult with stakeholders to discuss the Exposure Draft in September, October and November 2018. Comments on the Exposure Draft are due by October 31, 2018.

Review the summary of discussions on the AcSB's Web site.

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