ASPE briefing: Section 3041, Agriculture

In November 2019, the Accounting Standards Board (AcSB) issued Section 3041, Agriculture in Part II of the CPA Canada Handbook – Accounting. Learn more about this new section in our briefing.

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This briefing summarizes the new accounting guidance included in Section 3041 and provides illustrative examples on its application.

Topics include:

  • scope and definitions of Section 3041
  • when to recognize agricultural inventories and productive biological assets in financial statements
  • measurement of agricultural inventories and productive biological assets
  • presentation and disclosure considerations