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Accompanying the growing favor that market plays towards agribusiness, the regulatory authorities have tightened the loose ends and possible loopholes in the agribusiness system. Considering the unique characteristics of Agriculture/Biological Assets from other asset class, IFRS Foundation worked closely with IASB on harmonizing the accounting standards for agribusiness. IAS 41 was originally issued in December of 2000 and first applied in the beginning of 2003. Following the release of IAS 41, individual national accounting standards on Agriculture/Biological Assets had a trend of complying with IAS and taking the same perspective on this asset class. Today’s version of IAS 41 - Agriculture was released and effective since January of 2012.

Biological Asset is defined as “a living animal and plant”. General principles of accounting for Biological Assets concern such asset in objective of cost, recognition, fair value and value changes through organism’s biological cycle. We have prepared a list of accounting references from major regions across the world, projecting the accounting treatment for Agriculture/Biological Assets.

To view the full version of the latest updated “List of Accounting Standards for the Agriculture/Biological Assets”, please click here.