International GAAP 2013: Generally Accepted Accounting Principles under International Financial Reporting Standards

Chapter 40

Agriculture

1 Introduction

2 Objective, definitions and scope

2.1 Objective

2.2 Definitions

2.2.1 Agriculture-related definitions 2696

2.2.2 General definitions

2.3 Scope

2.3.1 Biological assets outside the scope of IAS 41

2.3.2 Agricultural produce before and after harvest

2.3.3 Products that are the result of processing after harvest

2.3.4 Leased assets

2.3.5 Concessions

3 Recognition and measurement principles

3.1 Recognition

3.1.1 Control

3.2 Measurement

3.2.1 Biological assets

3.2.1.A Initial and subsequent measurement

3.2.1.B Subsequent expenditure

3.2.2 Agricultural produce

3.2.3 Gains and losses

3.2.4 Inability to measure fair value reliably

3.2.4.A Rebutting the presumption

3.2.4.B The cost model

3.3 Government grants

4 Measuring fair value less costs to sell

4.1 The interaction between IAS 41 and IFRS 13

4.2 Establishing what to measure

4.2.1 Unit of account

4.2.2 Grouping of assets

4.3 When to measure fair value

4.4 Determining costs to sell

4.5 Measuring fair value: IAS 41-specific requirements

4.5.1 Use of external independent valuers

4.5.2 Obligation to re-establish a biological asset after harvest

4.5.3 Forward sales contracts

4.5.4 Onerous contracts

4.5.5 Financing cash flows and taxation

4.6 Measuring fair value: overview of IFRS 13’s requirements

4.6.1 The fair value measurement framework

4.6.2 Highest and best use and valuation premise

4.6.2.A Biological assets attached to land

4.6.3 Selecting appropriate assumptions

4.6.3.A Condition and location ...