Invitation to a Roundtable discussion
The Accounting Standards Board (AcSB) has commenced a project to develop a standard on agriculture for Part II of the Handbook, the accounting standards for private enterprises.
This project is currently in the research phase. Accordingly, the roundtable will both identify and discuss the issues and seek out preliminary views.
Based on the working definitions, the standard will address accounting for biological assets and agricultural produce at the point of harvest. Accordingly, the following activities will be within the scope of this project:
- All manners of field crops (e.g. wheat, soy, corn and potatoes)
- Long-lived plants (e.g. trees—both for fruit production and timber, vines and nursery stock)
- Animals, both for market and long term production (e.g. dairy, beef, sheep, poultry and swine)
Issues identified to date are largely in respect of measurement, i.e. whether a cost- or market-based valuation should be applied to biological assets. For example, there have been divergent views on whether unharvested crops, long-lived plants and animals should be valued based on fair value or cost.
However, issues in respect of recognition have also been noted, e.g. whether an asset should be recognized for certain plantings such as ‘winter wheat’ and other related inputs.
Roundtable meetings will last no longer than 2 hours. They will be led by Jocelyn Patenaude, CA, member of the AcSB. The session will begin with a short presentation by AcSB staff and then proceed to an open discussion of the issues. Attendees are expected to participate in this discussion. There are two upcoming sessions, in French only, which may be of interest to you:
Wednesday, September 21, 2011, 10:00 a.m. to 12:00 p.m.
3115 Avenue des Hôtels
Friday, October 7, 2011, 10:00 a.m. to 12:00 p.m.
Ordre des comptables agréés du Québec
680 Sherbrooke Street West, 18th floor
Information and registration
For more information, please contact Annie Smargiassi, CA, at 514 982.4658, toll-free at 1 800 363.4688, ext. 4658, or by e-mail at firstname.lastname@example.org.
Registration requests (free of charge) must be sent by e-mail to email@example.com. Don’t forget to mention your name, member number and which meeting you wish to attend.