Amendments to the IAS 41 and IAS 16 - implications for accounting of bearer plants

Saverio Bozzolan, Enrico Laghi and Marco Mattei
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Saverio Bozzolan: Accounting, Department of Business and Management, LUISS University, Rome, Italy
Enrico Laghi: Accounting and Business Administration, Department of Law and Economics of Productive Activities - DEAP, University of Rome, Rome, Italy
Marco Mattei: Accounting and Business Administration, Department of Law and Economics of Productive Activities - DEAP, University of Rome, Rome, Italy

Agricultural Economics, 2016, vol. 62, issue 4, 160-166

Abstract: Under the IAS-IFRS standards, agricultural activity is accounted for using a fair value model. In 2014, the IASB amended the accounting treatment for bearer plants with the aim to address some concerns that have emerged since the application of the IAS 41. The amendments require that bearer plants be accounted for like property, plant and equipment (IAS 16). In the paper, there are analysed the aspects introduced by these amendments, moving from the IASB project. In particular, the reasons that led to these amendments are explained and it is explored whether all the concerns previously identified by accounting scholars and practitioners have been addressed. Moreover, there are identified some possible obstacles to the practical application of the amendments to the IAS 41.

Keywords: agriculture accounting; agriculture produce; biological assets; IAS-IFRS (search for similar items in EconPapers)
Date: 2016
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Persistent link: https://EconPapers.repec.org/RePEc:caa:jnlage:v:62:y:2016:i:4:id:48-2015-agricecon

DOI: 10.17221/48/2015-AGRICECON

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