United States

In the Headlines: Cost Accounting for Bearer Plants

Jul 03, 2014
From the Financial Reporting Network and the IFRS Institute

In the Headlines 14-12 summarizes the IASB standard, Agriculture: Bearer Plants (Amendments to IAS 16 and IAS 41), which allows an entity to elect to measure bearer plants (e.g., grapevines) at cost. The produce growing on bearer plants will continue to be measured at fair value less costs to sell. The amendments are effective for entities that apply IFRS for annual periods beginning on or after January 1, 2016, with early adoption permitted.

Read In the Headlines 14-12