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AcSB Decision Summary – October 20, 2015 - Agriculture

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Oct 30, 2015

On October 30, 2015, the Accounting Standards Board (AcSB) released an executive summary of discussions and decisions with respect to its Agriculture project.

During the meeting, the AcSB considered comments from external reviewers of its draft discussion paper.  The AcSB decided that determining whether biological assets are inventories or property, plant and equipment should be considered after deliberating the feedback from the discussion paper.  The discussion paper will not include this issue.  The AcSB discussed the measurement of agricultural produce and animals held for sale and decided to express a preliminary view of measuring these types of biological assets at current value when certain conditions are met, and cost when those conditions are not met.  The draft discussion paper will seek comments on the conditions that would help determine when a current value measurement is appropriate. The AcSB decided the discussion paper should include potential disclosures related to current value.

The AcSB also decided that the scope should include biological assets and agricultural produce that meet the definition of agricultural activity. 

The AcSB decided to issue its discussion paper with a 150-day comment period to provide stakeholders with sufficient time to formulate responses.  The AcSB expects to issue the discussion paper in December 2015.

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