(Summary) Ind AS 41


“Ind AS 41, Agriculture, provides guidance on accounting for biological assets and agriculture produce.”

Bearer plants are not within the scope of Ind AS 41. Instead Ind AS 16 Property, Plant and Equipment applies to these.

It is a living plant or animal.

It is the harvested produce of biological assets at the point of harvest.

  • Biological assets and Agricultural produce are measured at each reporting date at their fair value less cost to sell.
  • If FV cannot be reliably determined, then measure at cost.
  • Gains and losses arising on initial recognition are recognised in SOPL.


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