FYI Article – Breaking New Ground: AcSB Sets Up Agriculture Advisory Group!
The Accounting Standards Board (AcSB) continues to gather information to understand the views of stakeholders in the agriculture sector including users, preparers and practitioners. We heard there is a need for guidance because of the different ways similar items are reported in the financial statements of agriculture producers.
Our initial thoughts were included in our December 2015 Discussion Paper and we followed up by talking with people across the country. With the complexity of issues raised, we decided to form an expert group – the AcSB Agriculture Advisory Group – to provide us with advice as we work to develop new accounting guidance on agriculture.
How will the Group help?
As the AcSB considers ways to account for biological assets and agricultural produce, the Group members will:
- think about whether the draft proposals will result in valuable information to lenders and others who use financial statements to make decisions;
- provide insights on whether the draft proposals will be practical for preparers to apply;
- highlight industry specific concerns; and
- provide broad input on the draft guidance.
Who are the members?
A diverse group of individuals make up the Group, including farmers, preparers, practitioners, users, government employees and an academic. They come from different provinces all across Canada. The inaugural meeting will be held in May 2017.
To keep up with the Group and learn more via the Agriculture Advisory Group webpage.
Michelle Thomas, CPA, CGA
Principal, Accounting Standards Board
Phone: +1 (416) 204-2979