- DEFINITIONS OF TERMS
- RECOGNITION AND MEASUREMENT
- PRESENTATION AND DISCLOSURES
- EXAMPLES OF FINANCIAL STATEMENT DISCLOSURES
- OTHER ISSUES
- FUTURE DEVELOPMENT
- US GAAP COMPARISON
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. ...