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. |
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Published by the AcSB: |
November 2019 |
Reach out to our Section 3041Specialist |
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Overview
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
Date |
Development |
Comments |
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 |
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.