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IAS 41 — Agriculture

Effective date:

First effective as Canadian GAAP under Part I for interim and annual financial statements relating to fiscal years beginning on or after January 1, 2011 except for subsequent amendments.  Earlier application of Part I was permitted.

Published by the IASB:

December 2000

Included in Part I of CPA Canada Handbook:

January 2010


IAS 41 Agriculture sets out the accounting for agricultural activity – the transformation of biological assets (living plants and animals) into agricultural produce (harvested product of the entity's biological assets). The standard generally requires biological assets to be measured at fair value less costs to sell.

History of IAS 41

The following table shows the history of this standard subsequent to the adoption of IFRS in Canada.




Included in Part I of the CPA Canada Handbook2

January 2010

Part I of the CPA Canada Handbook issued

Effective for interim and annual financial statements relating to fiscal years beginning on or after January 1, 2011. Earlier application is permitted.

January 2010

June 30, 2014

Amended by Agriculture: Bearer Plants (Amendments to IAS 16 and IAS 41)


The amendments include bearer plants within the scope of IAS 16 instead of IAS 41 and also add a definition of bearer plant. Produce growing on bearer plants remains within the scope of IAS 41.

The amendments are effective for annual periods beginning on or after January 1, 2016. Earlier application is permitted.

September 2014


  1. For further details of relevant developments prior to this, please refer to our Deloitte Global section.
  2. Newly issued, amended or revised IFRSs are part of Canadian GAAP only after they are approved by the Accounting Standards Board in accordance with its due process.The above summary does not include details of consequential amendments made as the result of other projects.

Related Interpretations

  • None

Related IFRIC Agenda Rejection Notices

The rejection notices are available in our Deloitte Global section.

  • IAS 41 & IFRS 13 —Valuation of biological assets using a residual method (March 2013)
  • IAS 41 — Discount rate assumptions used in fair value calculations (May 2009)

AcSB’s IFRS Discussion Group meetings

  • June 21, 2018 - IAS 41: Cannabis Accounting – Recognition and Determining Fair Value, Costs Incurred Related to Biological Transformation and Presentation

Amendments under consideration

Correction list for hyphenation

These words serve as exceptions. Once entered, they are only hyphenated at the specified hyphenation points. Each word should be on a separate line.