IAS 41 Agriculture - Recognition and Measurement of Biological Assets and Agricultural Produce in accordance with IAS 41

Summary of the issue:

This project was originally discussed between September 2003 and May 2004. The project is considering two questions in respect of IAS 41:

• how an entity should account for an obligation to replant a biological asset; and
• what the exclusion from taking into account increases in value from “additional biological transformation” means in the context of paragraph 21 of IAS 41.

Next milestones:

The IFRIC’s proposed amendments were discussed by the IASB in February 2007. The changes are now being considered as part of the Annual Improvements Process

Discussed by the IFRIC :

• January 2007
• November 2006

Staff contact :

• Tricia O’Malley (Director of Implementation Activities) tomalley@iasb.org