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Accounting Standards for Private Enterprises

Agriculture

Summary

Currently, there is a significant diversity in practice regarding the accounting for biological assets.

Staff Contact(s)

Davina Tam, CPA, CA Principal, Accounting Standards Board

Phone number  +1 416 204 3514
Email address  [email protected]
Katherine Knowlton, CPA, CA Associate Director, Accounting Standards Board

Phone number  +1 416 204 3332
Email address  [email protected]

Project Status

  • Information gathering

    Completed prior to March 2012

  • Approving project

    The AcSB approved a research project in March 2012

    A standards-level project was approved in December 2016

  • Engaging Communities

    Discussion Paper issued December 2015

    Public outreach took place December 2015–January 2017

    Exposure Draft issued in July 2018

    Public outreach took place July 2016–November 2018

  • Deliberating feedback

    The AcSB has deliberated feedback on its Exposure Draft

  • Final pronouncement

    The final amendments were issued in the CPA Canada Handbook – Accounting in November 2019

Implementation

Read CPA Canada’s briefing detailing the new Standard and what factors to consider when applying it.

Read now

News

March 22, 2023

Resource, Guidance

Section 3041, Agriculture – How to apply the disclosure requirements for the net realizable value model

Are you applying the new agriculture standard for private enterprises? Do you plan to measure your agricultural inventories using net realizable value? Read this easy-to-understand resource to support your financial statement preparation process.

Meeting & event summaries

February 22, 2023

Private Enterprise Advisory Committee Notes – February 2, 2023

The Private Enterprise Advisory Committee provided comments on a draft non-authoritative resource staff developed to help stakeholders apply certain disclosure requirements relating to the net realizable value model in Section 3041, Agriculture. Staff developed this resource considering recent stakeholder inquiries. Although the new standard is currently being implemented in practice, most Committee members viewed this resource as helpful and supported publishing it.

The AcSB will consider the feedback from its Private Enterprise Advisory Committee and its Agriculture Advisory Group then determine next steps in publishing this resource at the March 2023 Board meeting.

July 17, 2019

AcSB Decision Summary – July 17, 2019

The AcSB considered feedback on the fatal-flaw-review of Section 3041, Agriculture,and directed staff to make some minor clarifications.

The AcSB approved issuing the final standard, no later than the fourth quarter of 2019, subject to final drafting and a written ballot.