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IASB brings bearer plants into the scope of IAS 16

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Jun 30, 2014

The International Accounting Standards Board (IASB) has published "Agriculture: Bearer Plants (Amendments to IAS 16 and IAS 41)". The amendments bring bearer plants, which are used solely to grow produce, into the scope of IAS 16 so that they are accounted for in the same way as property, plant and equipment.

The amendments are effective for annual periods beginning on or after January 1, 2016, with earlier application being permitted.

Review the IASB press release.

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