Agriculture – PEAC

Nov 07, 2017

At its meeting on November 7, 2017, the Private Enterprise Advisory Committee (PEAC) received an update on the project’s status and the Board’s discussions at its September, 2017 meeting. Committee members also considered proposals for: recognition of unharvested crops and unborn animals as assets; categorization of assets as productive biological assets and agricultural produce; cost as the measurement basis for productive biological assets; the use of and the conditions for an exception to measure some agricultural produce at net realizable value; need for classification guidance for gains/losses due to changes in net realizable value; complexities with tracking and allocating cost; and disclosure requirements. Committee members also discussed the consistency of the proposals with other sections of Part II.