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IAS 41, Agriculture – Bearer biological assets

Date recorded:

The Council received a report of the initial stages of the IASB’s project to amend IAS 41 with respect to the accounting for bearer biological assets. Building on the work of the Malaysian standard-setter, the IASB was exploring whether, and under what circumstances, ‘bearer biological assets’ might be accounted for as property, plant and equipment rather than agricultural produce.

Comments from Council members fell on both sides of the debate, but all those who spoke supported keeping the scope narrow.

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