Agricultural Accounting 2022

What you will learn

By the end of this event the attendee should:  

• • Understand the peculiarities of accounting for agricultural entities. 
  • Understand the standard for farming; IAS 41 – Agriculture. 
  • Understand amendments to IAS 16 and IAS 41 on bearer plants.
  • Understand the treatment of government grants pertaining to agricultural activities.
  • Be aware of the taxation of income from agricultural activities. 

Description

Farming is a unique business undertaking with peculiar challenges. Very few types of businesses deal with living produce in the form of crops or livestock (biological assets). The transformation of these biological assets into agricultural produce makes agricultural businesses different.  

How does a farmer value livestock at the end of a trading year? What about crops that are not yet ready for harvesting? Nutrients are taken out of agricultural land year in, year out; does the farmer depreciate it in the books? These simple examples give you an indication of the uniqueness of accounting for farming businesses.   

Price

The following pricing apply:

Ad hoc: R450 for this webinar
Subscription: Included for free in Accountant in Practice plus Tax, Accountant in Practice and Bookkeeper package.

Content

Study Unit 1

Introduction to IAS 41 – Agriculture. 

Study Unit 2

Scope and application of IAS 41 – Agriculture. 

Study Unit 3

Recognition and measurement of biological assets. 

Study Unit 4

Disclosure of fair value of biological assets

Study Unit 5

Accounting for intangible assets related to farming. 

Study Unit 6

Treatment of government grants. 

Study Unit 7

Agriculture: Bearer plants (Amendments to IAS 16 and IAS 41)  

Study Unit 8

Overview of the taxation of income from agricultural activity; the First Schedule of the Income Tax Act. 

Requirements

There are no preconditions for this course.
Moderate level.
Recorded webinar made available on a specified date

Presenter

Additional Material

By attending this webinar, you will be provided with:
– Summarised slide presentation.
– Reference documents and / or course material where available.
– Access to a technical knowledge base.
– Recorded webinar that includes an expert presenter and participant interaction.