Agriculture sector has always preserved its significance due to a crucial fulfillment, people’s need of food, and providing inputs to several sectors like services, industry or healthcare. Agricultural production’s being widely out of suppliers’ control is the most important feature of agriculture sector. The reason for that fact can be mentioned as nature’s direct effect on agriculture. Besides, agriculture sector should be subsidized by governments by means of technical and financial aspects.

For centuries, agriculture proceeds with constant evolution and advancements. Agriculture businesses have become large scale entities evolving from family businesses through technological progress. Activities pertaining to agriculture constitute a considerable part of nations’ economies along with their prominence in international trade. That’s why, recognition of agricultural activities is of great importance to accounting. On this basis, IAS Agriculture that is published by International Accounting Standards Board enacted to determine policies regarding to agriculture accounting. This standard is valid today with respective updates.

This paper’s motivation is to render guidance for accounting applications associated with agriculture such as biological assets, agricultural produce and government grants within the framework of IAS 41. Thereby, explanatory case studies are developed to generate further assessments about the context. Latest updates about the issues are included in the study as well


Accounting for Agriculture, Agricultural Assets, IFRS, IAS 41, TMS 41


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