• 2023 Issued Standard – IAS 41
  The 2023 Issued Standards include all amendments issued up to and including 1 January 2023.

Registration is required to access the free version of the Issued Standards, which do not include additional documents that accompany the full standard (such as illustrative examples, implementation guidance and basis for conclusions).

IAS 41 provides guidance for accounting for agricultural activity. That is the management of the biological transformation of biological assets (plants and animals) into agricultural produce.

Biological assets within the scope of IAS 41 should be measured on initial recognition and at subsequent reporting dates at fair value less costs to sell (point-of-sale costs).

Agricultural produce should be measured at fair value less costs to sell (point-of-sale costs) at the point of harvest.

The gain on initial recognition of biological assets and agricultural produce and re-measurement of biological assets should be recognised in profit or loss.

UK qualifying parents and subsidiaries can take advantage of FRS 101 Reduced Disclosure Framework. Our FRS 101 page gives more information on which entities qualify and the criteria to be met.