Section 3041 - Agriculture

Effective date:

Fiscal years be­gin­ning on or af­ter Jan­u­ary 1, 2022 (was fiscal years beginning on or after January 1, 2021), with ear­lier ap­pli­ca­tion per­mit­ted.

Published by the AcSB:

November 2019

Reach out to our Section 3041Specialist

Karen Higgins


This Section sets out the principles for the recognition, measurement and disclosure of agricultural inventories and productive biological assets. It applies to transactions and events related to agricultural production, including the purchase of the harvested product of biological assets for use in agricultural production.

History of Section 3041




November 2019

Issued to Part II of the CPA Hand­book - Accounting

Ef­fec­tive for annual periods beginning on or after January 1, 2021, with earlier application permitted.

April 2020

Deferral of new Section 3041

At its meeting on April 15, 2020, as a result of the impact of the Covid 19 pandemic, the AcSB decided to defer the effective date of the new Section 3041 by one year to fiscal years beginning on or after January 1, 2022. Earlier application continues to be permitted. The related amendments to the CPA Canada Handbook – Accounting Part II were issued on August 1, 2020.

Amendments under consideration

  • None

Note: The above summary does not include details of consequential amendments made as the result of other projects.

Correction list for hyphenation

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