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AcSB Exposure Draft – Agriculture

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Jul 09, 2018

On July 9, 2018, the Accounting Standards Board (AcSB) issued an Exposure Draft examining the accounting for agricultural inventories and productive biological assets. Stakeholders are encouraged to submit their comments by October 31, 2018.

The AcSB proposes to issue Section 3041, Agriculture. This new Section provides agricultural producers with guidance on the accounting for agricultural inventories and productive biological assets. This new Section would also apply to not-for-profit organizations (NFPOs) using the standards in Part III of the Handbook, as relevant.

The Board proposes that this Section applies to annual financial statements relating to fiscal years beginning on or after January 1, 2021. An agricultural producer applies this Section retrospectively, in accordance with Section 1506, Accounting Changesexcept as specified in paragraphs 3041.91-.92. Earlier application is permitted.

Review the Exposure Draft on the AcSB's website.

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