AASBB Mission: To promote high quality financial reporting and auditing standards that are consistent with international best practices through the development and implementation of Bhutanese Accounting Standards (BAS) and Bhutanese Standards on Auditing (BSA).
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Reader Comments on ::   BAS 41 Agriculture
IAS 41 has been updated and this solves my query
There is a split between standard agricultural produce and "bearer plants" A bearer plant is like an apple tree, which produces an annual crop. The tree is a fixed asset and will come under IAS 16 PPE. Apples that are picked are agricultural products and IAS 41 applies.
A tree in a plantation grown for timber isn't a bearer plant (no annual produce) so remains under IAS 41
Application date is 2016 but early adoption is allowed.

BAS 41 is in the second phase, so the AASBB needs to consider the update when they issue the standard
Posted By: Roy Whittington      Posted on: 2018-05-15 11:57:13
During the meeting held last week with representatives of EY, BAS 41 was briefly discussed.
I was interested in the correct treatment for plantations, and not livestock. Would it be possible to ask the Sri Lankan people for an example of the accounting policy and disclosure for this? A link to a website of company applying the standard would be great
Posted By: Roy Whittington      Posted on: 2018-05-15 11:57:13

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