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Other standards

IAS 41 Agriculture

4.1 Definitions

A biological asset is a living plant or animal.

Agricultural produce is the produce harvested from a biological asset.

4.2 Summary of recognition and measurement

IAS 41 Agricultural
Agriculture grants

Biological Agricultural Recognise in SPL
assets produce when conditions
satisfied

Initially: Initially:

Recognise at fair
Recognise at fair
value less costs to value less costs
sell to sell

Immediately
reclassify as

inventories
At year end:

Revalue to fair
value less costs to
sell If fair value not
available then
measure at cost less
Gain or loss in
SPL depreciation

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