New public sector standard on agriculture

  • IPSASB (International Public Sector Accounting Standards Board) (mid gray) Image

08 Dec 2009

The International Public Sector Accounting Standards Board (IPSASB) has issued International Public Sector Accounting Standard (IPSAS) 27 Agriculture.

IPSAS 27 is primarily drawn from the IASB's IAS 41 Agriculture, with limited changes dealing with public sector-specific issues. For example, it addresses biological assets held for transfer or distribution at no charge or for a nominal charge to other public sector bodies or to not-for-profit organizations. The new standard also includes disclosure requirements that are aimed at enhancing consistency with the statistical basis of accounting that governs the Government Finance Statistics Manual. IPSAS 27 is effective for annual financial statements covering periods beginning on or after 1 April 2011, with earlier application encouraged. IPSAS 27 is available to download free of charge from the IFAC website (
Click for IPSASB website.


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