Agriculture Accounting (IAS 41): Biological Assets, Fair Value Less Costs to Sell & Produce
Classify biological assets, bearer plants and produce, value livestock at FVLCTS, split gains into price and physical change, value growing timber by present value, carry the harvest into inventory, depreciate an orchard under IAS 16, treat grants and build the IAS 41.50 reconciliation: 8 graded labs on a fictional mixed farm.
The first lesson is free — no account needed.
About this course
An agriculture accounting course that applies IAS 41 to one fictional mixed farm, Kerrow Vale Farm, in a spreadsheet, for accountants and auditors in agribusiness, controllers in farming and forestry and accounting students. You classify twelve items as biological asset, bearer plant, produce, processed product or land, value cattle at fair value less costs to sell, split the year's fair value gain into price change and physical change, estimate the fair value of growing timber as the present value of net cash flows, measure the grape harvest at FVLCTS as its inventory cost, capitalise and depreciate an apple orchard as a bearer plant under IAS 16, decide how much of five government grants may be recognised, and build the IAS 41.50 reconciliation of the carrying amount with a waterfall chart. General IAS 41 concepts with no affiliation with the IASB. Educational only, not accounting advice. The first lab is free.
Lessons
- Scope of IAS 41: Biological Asset, Bearer Plant or Produce?Free
- Fair Value Less Costs to Sell for Livestock Pro
- Splitting the Fair Value Gain: Price Change vs Physical Change Pro
- Fair Value of Growing Timber by Present Value (No Market Price) Pro
- Agricultural Produce at Harvest: FVLCTS Becomes Inventory Cost Pro
- Bearer Plants under IAS 16: Cost Build-up & Depreciation Pro
- Government Grants for Biological Assets (IAS 41.34–38) Pro
- Reconciliation of the Carrying Amount (IAS 41.50) with a Waterfall Chart Pro