Agricultural Accounting

WHAT YOU WILL LEARN

By the end of this event the attendee should:

• • Understand accounting standards applicable to accounting for agricultural activity;
  • Understand important definitions that are unique to agricultural accounting; 
  • Understand how to measure and recognise biological assets;
  • Be aware of the taxation effects from farming; and
  • Understand the Diesel Refund System.

DESCRIPTION

Farming is quite different from other types of businesses because it involves the transformation of  biological assets into agricultural produce (the harvested product). 

With this peculiarity in mind, it also follows that accounting for an agricultural business will be different from accounting for other business undertakings.

The following questions will make this point clearer:

1. How does a farmer value livestock at the end of a trading year? 
2. How are crops that are not yet ready for harvest valued? 
3. What about the nutrients that are taken out of agricultural land year in, year out; does the farmer depreciate the land in the books? 

Join us for this webinar as we discuss how to account for agricultural entities and their taxation effects.

PRICE

The following pricing apply:
Ad hoc: R475.00
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

Amendments to IAS 16 and IAS 41

Study unit 3

Application of IAS 41 – Agriculture

Study unit 4

Recognition and measurement of biological assets

Study unit 5

Accounting for intangible assets related to farming

Study unit 6

Treatment of government grants

Study unit 7

Taxation of income from farming

Study unit 8

The Diesel Refund System

REQUIREMENTS

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

PRESENTER

Caryn Maitland is a Chartered Accountant (SA). She has been a member of IRBA as a registered auditor and accountant since 2002, Caryn has lectured Auditing and Accounting at various institutions and has conducted independent workshops and seminars for professional accountants since 2006 on various topics.