ias41 - IAS 41 International Accounting Standard 41...

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IAS 41 © IASCF A973 International Accounting Standard 41 Agriculture This version includes amendments resulting from IFRSs issued up to 31 December 2009. IAS 41 was issued by the International Accounting Standards Committee in February 2001. In April 2001 the International Accounting Standards Board resolved that all Standards and Interpretations issued under previous Constitutions continued to be applicable unless and until they were amended or withdrawn. IAS 41 and its accompanying guidance have been amended by the following IFRSs: •I A S 1 Presentation of Financial Statements (as revised in December 2003) A S 2 Inventories (as revised in December 2003) A S 2 1 The Effects of Changes in Foreign Exchange Rates (as revised in December 2003) F R S 5 Non-current Assets Held for Sale and Discontinued Operations (issued March 2004) A S 1 Presentation of Financial Statements (as revised in September 2007) * Improvements to IFRSs (issued May 2008) * F R S 9 Financial Instruments (issued November 2009). * effective date 1 January 2009 effective date 1 January 2013 (earlier application permitted)
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IAS 41 A974 © IASCF C ONTENTS paragraphs INTRODUCTION IN1–IN9 INTERNATIONAL ACCOUNTING STANDARD 41 AGRICULTURE OBJECTIVE SCOPE 1–4 DEFINITIONS 5–9 Agriculture-related definitions 5–7 General definitions 8–9 RECOGNITION AND MEASUREMENT 10–33 Gains and losses 26–29 Inability to measure fair value reliably 30–33 GOVERNMENT GRANTS 34–38 DISCLOSURE 40–57 General 40–53 Additional disclosures for biological assets where fair value cannot be measured reliably 54–56 Government grants 57 EFFECTIVE DATE AND TRANSITION 58–60 FOR THE ACCOMPANYING DOCUMENTS LISTED BELOW, SEE PART B OF THIS EDITION BASIS FOR CONCLUSIONS BASIS FOR IASC’s CONCLUSIONS ILLUSTRATIVE EXAMPLES
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IAS 41 © IASCF A975 International Accounting Standard 41 Agriculture (IAS 41) is set out in paragraphs 1–60. All the paragraphs have equal authority but retain the IASC format of the Standard when it was adopted by the IASB. IAS 41 should be read in the context of its objective and the Basis for Conclusions, the Preface to International Financial Reporting Standards and the Framework for the Preparation and Presentation of Financial Statements . IAS 8 Accounting Policies, Changes in Accounting Estimates and Errors provides a basis for selecting and applying accounting policies in the absence of explicit guidance.
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IAS 41 A976 © IASCF Introduction IN1 IAS 41 prescribes the accounting treatment, financial statement presentation, and disclosures related to agricultural activity, a matter not covered in other Standards. Agricultural activity is the management by an entity of the biological transformation of living animals or plants (biological assets) for sale, into agricultural produce, or into additional biological assets.
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ias41 - IAS 41 International Accounting Standard 41...

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