Australia

Details

  • Service: Audit, Accounting Advisory Services, International Financial Reporting Standards (IFRS)
  • Type: Regulatory update
  • Date: 3/07/2013

IFRS In the Headlines

IFRS In the Headlines
In the Headlines (formerly IFRS Briefing Sheets) provide a timely update on International Financial Reporting Standards (IFRS) developments.

Cost accounting for bearer plants: Proposal for simpler accounting (2013/12) 

The IASB has issued an exposure draft Agriculture: Bearer Plants that proposes bearer plants be included within the scope of IAS 16 Property, Plant and Equipment.
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The proposal is a response to constituent feedback that the fair value model is not appropriate for measuring bearer plants – e.g. grapevines or palm trees bearing fruit.