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Agriculture [ED]

Next steps:

The AcSB expects to issue the exposure draft for public comment in the third quarter of 2018.

Last updated:

December 2017


The AcSB’s Private Enterprise Advisory Committee reviewed whether there were areas not adequately addressed by accounting standards for private enterprises. The Committee felt that there is a significant need for an accounting standard on agricultural activity.  

At its March 2011 meeting, the AcSB agreed to commence such a project. The process will include a review of current practices, relevant accounting standards in other jurisdictions and consultations with financial statement users, preparers and advisors in the agriculture sector. The Private Enterprise Advisory Committee will be consulted on an ongoing basis.


Other developments

August 2016

In August 2016, the AcSB staff updated the status of this project to indicate that the AcSB is continuing to deliberate the comments on its Discussion Paper and no longer expects to approve the final Handbook material in Q4/2016.

June 2016

In June 2016, the AcSB staff updated this project to indicate that the AcSB expects to approve the final Handbook material in Q4/2016.

December 2015

On December 18, 2015, the AcSB issued a Discussion Paper that considers issues in accounting for biological assets and agricultural produce. Stakeholders are encouraged to submit their comments by May 19, 2016. This Discussion Paper aims to obtain broad input from stakeholders, in particular, those involved in the agricultural sector. This input will assist the AcSB in deciding whether to develop authoritative guidance, either by developing a new standard or amending existing standards, on accounting for biological assets and agricultural produce by private enterprises and, if so, the issues to be addressed and how they could be addressed. The AcSB will consider the input received in response to this Discussion Paper and decide whether to continue this project to develop authoritative guidance. If the AcSB decides to proceed, then it will develop an exposure draft of proposed changes to accounting standards for private enterprises for public comment, in accordance with its due process.

May 2013

In May 2013, the AcSB discussed the contents of its forthcoming Discussion Paper (DP) on Agriculture in respect of impairment, presentation and disclosure.  The AcSB agreed that the DP should present a view that biological assets are inventories or property, plant and equipment, and the impairment model applied should reflect an asset’s classification.  The AcSB also agreed that biological assets should be presented on the balance sheet in accordance with the existing standards for inventories and property, plant and equipment. The AcSB also reviewed a list of potential disclosures for inclusion in the discussion paper.

March 2011

In March 2011, the AcSB agreed to commence a project on accounting for agricultural activities.


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