Australia

Details

  • Service: Audit, Financial Statement Audit, Financial Reporting & Accounting Standards
  • Type: Regulatory update
  • Date: 3/07/2014

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 (2014/12) 

This In the Headlines edition looks at amendments issued by the IASB in response to constituent feedback that the fair value model is not appropriate for measuring bearer plants.
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Key insights

  • Bearer plants are now in the scope of IAS 16 Property, Plant and Equipment for measurement and disclosure purposes.
  • A company can elect to measure bearer plants at cost. However, the produce growing on bearer plants will continue to be measured at fair value less costs to sell under IAS 41 Agriculture.
  • The amendments are effective for annual periods beginning on or after 1 January 2016. Early adoption is permitted.