The Accounting Standards Board issued Section 3041, Agriculture in Part II of the CPA Canada Handbook – Accounting in November 2019. This briefing summarizes the new accounting guidance included in Section 3041 and provides illustrative examples on its application.
It covers topics such as:
- scope and definitions of Section 3041;
- when to recognize agricultural inventories and productive biological assets in financial statements;
- measurement of agricultural inventories and productive biological assets; and
- presentation and disclosure considerations.
ASPE Briefing: Section 3041, Agriculture