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IAS 41 Agriculture

IAS 41 Agriculture prescribes the accounting treatment and disclosures relating to biological assets, agricultural produce at the time of harvest, and certain government grants.

Published December 2000. Effective 1 January 2003.

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*UK qualifying parents and subsidiaries can take advantage of FRS 101 Reduced Disclosure Framework. Find out more on which entities qualify and the criteria to be met.


  • 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.

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Annual period starts
Effective version of standard
Notes on amendments 
On or after 1 January 2019 IAS 41 2019 Required Standards
Includes amendments 1 and 2
1 January 2016 – 31 December 2018
IAS 41 2018 Required Standards
Includes amendment 1 

Required Standards book for a particular year assumes that there is no early application of issued but not yet effective IFRSs; The Issued Standards book assumes early application of all issued IFRSs.

For the latest version of the standard, and where the amendments are to be adopted early, refer to IAS 41 2019 Required Standards.

Recent amendments

Full access to details of all the amendments is only available to Financial Reporting Faculty members. Find out how to join the faculty.

Current Proposals

IAS 41 currently requires that entities using a discounted cash flow technique to determine the fair value of a biological asset exclude tax cash flows from the calculation. The Board intend to amend IAS 41 to remove this requirement. The amendment will be included in the next round of the Annual Improvements Cycle.

UK reduced disclosures

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

Amendments to the standard

There are no amendments to the standard in order to comply with the Companies Act and related Regulations.

Disclosure exemptions

FRS 101 paragraph 8(f) states that a qualifying entity is exempt from the requirement to provide a reconciliation of the carrying amount of biological assets at the beginning and end of the comparative period.

IAS 41 paragraph for which exemption is available: 50 (comparative period only).

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This page was last updated 26 March 2019