The objective of this Standard is to prescribe the accounting treatment and disclosures related to agricultural activity.
1 This Standard shall be applied to account for the following when they relate to agricultural activity:
- biological assets, except for bearer plants;
- agricultural produce at the point of harvest; and
- government grants covered by paragraphs 34 and 35.
2 This Standard does not apply to:
- land related to agricultural activity (see IAS 16 Property, Plant and Equipment and IAS 40 Investment Property).
- bearer plants related to agricultural activity (see IAS 16). However, this Standard applies to the produce on those bearer plants.
- government grants related to bearer plants (see IAS 20 Accounting for Government Grants