This site uses cookies to provide you with a more responsive and personalised service. By using this site you agree to our use of cookies. Please read our cookie notice for more information on the cookies we use and how to delete or block them.
The full functionality of our site is not supported on your browser version, or you may have 'compatibility mode' selected. Please turn off compatibility mode, upgrade your browser to at least Internet Explorer 9, or try using another browser such as Google Chrome or Mozilla Firefox.

ASC 905 — Agriculture

Below is an overview of FASB Accounting Standards Codification Topic 905, Agriculture, as well as a list of FASB Accounting Standards Updates (ASUs) and proposed ASUs related to this Topic.

Overview

ASC 905-10 provides general guidance for "agricultural producers, agricultural cooperatives, and patrons of such cooperatives." Agricultural entities use diverse forms of business from sole proprietorships to public entities, and their activities include, but are not limited to, the following:

 

  1. Growing wheat, milo, corn, and other grains
  2. Growing soybeans, vegetables, sugar beets, and sugarcane
  3. Growing citrus fruits, other fruits, grapes, berries, and nuts
  4. Growing cotton and other vegetable fibers
  5. Operating plant nurseries
  6. Breeding and feeding cattle, hogs, and sheep, including animals for wool production
  7. Operating dairies
  8. Operating poultry and egg production facilities
  9. Breeding horses
  10. Raising mink, chinchilla, and similar small animals
  11. Raising fish and shellfish.

ASC 905 contains intersecting Subtopics that provide industry-specific guidance related to the following Codification Topics:

The full text of ASC 905 can be found in the FASB Accounting Standards Codification (link to the FASB's Web site; registration required). Also, the full text of the Codification and Deloitte-authored Q&As related to the Codification are available in the Deloitte Accounting Research Tool (DART) Web site (subscription required).

Content from the FASB Accounting Standards Codification® included at http://www.usgaapplus.com is copyrighted by the Financial Accounting Foundation, 401 Merritt 7, PO Box 5116, Norwalk, CT 06856-5116, and is reproduced with permission.

FASB Accounting Standards Updates

The following ASUs amended the guidance in this Topic:

    Proposed FASB Accounting Standards Updates

      No current proposed ASUs on Topic 905.

      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.