Basis for Conclusions – Agriculture, Section 3041

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Nov 01, 2019

On November 1, 2019, the Accounting Standards Board (AcSB) released this document which sets out how the AcSB reached its conclusions on the Agriculture project, and discussions on significant matters arising from comments received and issues raised in response to its Exposure Draft.

The Basis for Conclusions covers:

  • Background
  • Applicability to not-for-profit organizations
  • Effects analysis
  • Development of the standard
  • Scope
  • Recognition
  • Underlying measurement basis
  • Measurement of agricultural inventories
  • Measurement of productive biological assets
  • Classification and presentation
  • Disclosure
  • Transition
  • Effective date
  • Consequential amendments

The standard is effective for fiscal years beginning on or after January 1, 2021.

Review the Basis for Conclusions on the AcSB's website.

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