O'Reilly logo

Wiley IFRS 2014: Interpretation and Application of International Financial Reporting Standards by Brandon Hanekom, Blaise Colyvas, Raymond Chamboko, Edwin Selbst, Tapiwa Njikizana, Danie Coetsee, Bruce Mackenzie

Stay ahead with the world's most comprehensive technology and business learning platform.

With Safari, you learn the way you learn best. Get unlimited access to videos, live online training, learning paths, books, tutorials, and more.

Start Free Trial

No credit card required

Chapter 31AGRICULTURE

  1. INTRODUCTION
  2. SCOPE
  3. DEFINITIONS OF TERMS
  4. IDENTIFICATION
  5. RECOGNITION AND MEASUREMENT
    1. Basic Principles of IAS 41
    2. Determining Fair Values
    3. Recognition and Measurement
    4. Agricultural Produce (Measurement)
  6. PRESENTATION AND DISCLOSURES
    1. Financial Statement Presentation
      1. Statement of financial position
      2. Statement of profit or loss and other comprehensive income
      3. Disclosures
  7. EXAMPLES OF FINANCIAL STATEMENT DISCLOSURES
  8. OTHER ISSUES
    1. Agricultural Land
    2. Intangible Assets Related to Agriculture
    3. Government Grants
  9. FUTURE DEVELOPMENT
  10. US GAAP COMPARISON

INTRODUCTION

Historically, agricultural activities received scant, if any, attention from the world's accounting standard setters. This may have been due to the fact that the major national and international accounting standard setters have been those of the US and the UK, whose economies are far less dependent upon agriculture than those of many lesser-developed nations of the world. For developing nations, agriculture is indeed disproportionately significant, and given the IASC's role in establishing financial reporting standards for those nations, this focus on agriculture was perhaps to be expected. The culmination of this lengthy project, IAS 41, is by far the most comprehensive addressing of this financial reporting topic ever undertaken.

The earlier exclusion of agriculture from most established accounting and financial reporting rules can best be understood in the context of certain unique features of the industry. ...

With Safari, you learn the way you learn best. Get unlimited access to videos, live online training, learning paths, books, interactive tutorials, and more.

Start Free Trial

No credit card required