ASPE Briefing: Section 3041, Agriculture

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