This site uses cookies to provide you with a more responsive and personalised service. By using this site you agree to our use of cookies. Please read our cookie notice ( for more information on the cookies we use and how to delete or block them.
The full functionality of our site is not supported on your browser version, or you may have 'compatibility mode' selected. Please turn off compatibility mode, upgrade your browser to at least Internet Explorer 9, or try using another browser such as Google Chrome or Mozilla Firefox.

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.

Related Topics

Correction list for hyphenation

These words serve as exceptions. Once entered, they are only hyphenated at the specified hyphenation points. Each word should be on a separate line.