Amendments to IAS 41 — Bearer plants

Date recorded:

The project manager opened the session by advising the Board members that the session had become necessary as one external reviewer on the pre-ballot draft had asked if the requirements of IAS 8 would have to be applied in full for the bearer plants amendment. This would mean that an entity would have to disclose the change in outcome between the old accounting policy and the new accounting policy for each line item. This would result in an obligation to calculate the fair value for bearer plants in the year of the change of accounting policy. The staff therefore recommended amending the transition provisions in IAS 16 and IAS 41 to add an exemption from applying IAS 8.28(f) regardless of whether the deemed cost exemption was elected.

The Board agreed to follow the staff recommendation.

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