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  5. Ind As 41

Ind AS 41, Agriculture | Objectives | Recognition (all you know)

Ind AS 41, Agriculture: The objective of Ind AS 41 is to prescribe the accounting treatment and disclosures related to agricultural activity.

Raju Choudhary

Last Updated : September 18, 2023

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Ind AS 41, Agriculture | Objectives | Recognition (all you know)
Content in this Article

Ind AS 41, Agriculture: The objective of Ind AS 41 is to prescribe the accounting treatment and disclosures related to agricultural activity.

Agricultural activity is the management by an entity of the biological transformation and harvest of biological assets for sale or for conversion into agricultural produce or into additional biological assets. Biological transformation comprises the processes of growth, degeneration, production, and procreation that cause qualitative or quantitative changes in a biological asset. A biological asset is a living animal or plant. Agricultural produce is the harvested product of the entity’s biological assets. Harvest is the detachment of produce from a biological asset or the cessation of a biological asset’s life processes.

List of other IndAS

Ind AS 101Ind AS 102Ind AS 103
Ind AS 104Ind AS 105Ind AS 106
Ind AS 107Ind AS 108Ind AS 109
Ind AS 110Ind AS 111Ind AS 112
Ind AS 113Ind AS 114Ind AS 1
Ind AS 2Ind AS 7IndAS 8
Ind AS 10Ind AS 12Ind AS 19
Ind AS 20Ind AS 21Ind AS 23
Ind AS 24Ind AS 27Ind AS 28
Ind AS 29Ind AS 32Ind AS 33
Ind AS 34Ind AS 36Ind AS 37
Ind AS 38Ind AS 40

Ind AS 41

Fair value is the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date. (See Ind AS 113, Fair Value Measurement.) Costs to sell are the incremental costs directly attributable to the disposal of an asset, excluding finance costs and income taxes. Costs to sell exclude transport and other costs necessary to get the asset to a market.

A biological asset shall be measured on initial recognition and at the end of each reporting period at its fair value less costs to sell, except for the case described in paragraph 30 where the fair value cannot be measured reliably.

Agricultural produce harvested from an entity’s biological assets shall be measured at its fair value less costs to sell at the point of harvest. Such measurement is the cost at that date when applying Ind AS 2 Inventories or another applicable Standard.

A gain or loss arising on initial recognition of a biological asset at fair value less costs to sell and from a change in fair value less costs to sell of a biological asset shall be included in profit or loss for the period in which it arises.

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A gain or loss arising on initial recognition of agricultural produce at fair value less costs to sell shall be included in profit or loss for the period in which it arises.

Ind AS 41 requires that an unconditional government grant related to a biological asset measured at its fair value less costs to sell shall be recognised in profit or loss when, and only when, the government grant becomes receivable.

If a government grant related to a biological asset measured at its fair value less costs to sell is conditional, including when a government grant requires an entity not to engage in specified agricultural activity, an entity shall recognise the government grant in profit or loss when, and only when, the conditions attaching to the government grant are met.

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