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Amendments to IAS 41 – Bearer Plants

Date recorded:

The project manager opened the session by saying that the IASB had already addressed all the main issues raised by respondents to the Exposure Draft ED/2013/8 Agriculture: Bearer Plants at the February meeting. In that meeting, the Board’s sentiment had been to limit the scope of which non-major issues should be addressed in the final standard. These issues had only been raised by a limited number of respondents to the ED, and staff was not proposing significant changes from the ED for any of these issues. Rather than dealing with each of the issues in turn, the project manager recommended only discussing those issues where Board members had questions or objections.

One Board member said that she did not disagree with the staff recommendations; however, she was concerned about one comment in the agenda paper regarding obtaining fair value for the revaluation model by valuing the entire plant and then subtracting the fair value of the produce to receive the fair value of the bearer plant. She said that the IASB should not make a statement like this, even if it was only in the Basis for Conclusions.

Another Board member said that he supported the revaluation model because it was principle-based and traditionally used in some jurisdictions. He suggested reaching out to those jurisdictions and asking them whether they would see any problems in extending the revaluation model to bearer plants.

The project manager acknowledged these remarks and asked the Board whether they would agree with the rest of the staff recommendations. All Board members agreed to proceed with the staff recommendations.

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