In July 2018, the Accounting Standards Board (AcSB) released an exposure draft on agriculture and is seeking stakeholder input on this proposed new standard. Your input is critical to helping AcSB determine if they should consider any changes to the proposals prior to finalizing the standard. Take advantage of this opportunity to provide your views directly to senior AcSB representatives in an open forum discussion.
Currently, there is a significant diversity in practice regarding the accounting for biological assets. The AcSB has been informed that this diversity is causing significant problems for a number of stakeholders – primarily financial statement users.
Issues to be addressed by the new standard include:
- when a biological asset should be recognized;
- how it should be measured on initial recognition;
- how it should be measured in subsequent periods;
- how agricultural produce should be accounted for; and
- what disclosures should be required.
A roundtable consultation provides stakeholders with an opportunity to provide their opinions directly with the standard setters. Participants are expected to have reviewed the pre-reading materials and be prepared to share their opinions. Note that while a roundtable is not a professional development course, there may be learning that can be considered professional development.
Thursday, November 8th
9:30 to 11:00 a.m.
Centennial Meeting Room
1102 Oxford Tower
10025 – 102A Avenue
The Exposure Draft, “Agriculture,” can be accessed by clicking on the link.