The objective of IAS 41 is to prescribe the accounting treatment and disclosures related to agricultural activity.
Scope IAS 41 Agricultural activity and produce
IAS 41 shall be applied to account for the following when they relate to agricultural activity:
- biological assets, except for bearer plants;
- agricultural produce at the point of harvest; and
- conditional or unconditional grants relating to a biological asset measured at its fair value less costs to sell.
IAS 41 does not apply to:
- land related to agricultural activity;
- bearer plants related to agricultural activity. However, IAS 41 applies to the produce on those bearer plants;
- government grants related to bearer plants;
- intangible assets related to agricultural activity; and
- right-of-use assets arising from a lease of