IASC approves new standard on agriculture

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14 Dec 2000

The IASC Board has approved a new Standard on Agriculture.

IAS 41 will require that all biological assets (animals, crops, orchards, forests, etc.) be measured at fair value, with the change in fair value reported in net profit or loss, unless fair value cannot be estimated reliably. Agricultural produce would similarly be measured at fair value at the point of harvest. Click for Summary of the Standard.

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