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Exposure Draft of the Agriculture: Bearer Plants (Amendments to Ind AS 16) (corresponding to Bearer Plants: Amendments to IAS 16 ) (Comments to be received by October 15, 2014)
September, 18th 2014
             Exposure Draft

        Agriculture: Bearer Plants
        (Amendments to Ind AS 16)

 (Last date for Comments: October 15, 2014)

                   Issued by
         Accounting Standards Board
The Institute of Chartered Accountants of India
                                                         Exposure Draft
                                                Agriculture: Bearer Plants
                                               (Amendments to Ind AS 16 )

Following is the Exposure Draft of Agriculture: Bearer Plants (Amendments to Ind
AS 16) issued by the Accounting Standards Board of The Institute of Chartered
Accountants of India, for comments. The Board invites comments on any specific
aspect of the Exposure Draft. Comments are most helpful if they indicate the specific
paragraph or group of paragraphs to which they relate, contain a clear rationale
and, where applicable, provide a suggestion for alternative wording.

Comments should be submitted in writing to the Secretary, Accounting Standards
Board, The Institute of Chartered Accountants of India, ICAI Bhawan, Post Box No.
7100, Indraprastha Marg, New Delhi 110 002, so as to be received not later than
October 15, 2014. Comments can also be sent by email to
Further clarifications on these amendments may be sought by e-mail to

(The Exposure Draft of the Indian Accounting Standard includes paragraphs set in
bold type and plain type, which have equal authority. Paragraphs in bold type
indicate the main principles. This Exposure Draft of the amendments Indian
Accounting Standard should be read in the context of its objective and the Preface to
the Statements of Accounting Standards1)

Amendments to Ind AS 16 Property, Plant and Equipment

Paragraphs 3, 6 and 37 are amended and paragraphs 22A is added. New text is
underlined and deleted text is struck through

3             This Standard does not apply to:
              (a)          property, plant and equipment classified as held for sale in accordance
                           with Ind AS 105 Non-current Assets Held for Sale and Discontinued
              (b)          biological assets related to agricultural activity other than bearer plants

  Attention is specifically drawn to paragraph 4.3 of the Preface, according to which accounting
standards are intended to apply only to items which are material
                           (see Ind AS 41 Agriculture2). This Standard applies to bearer plants but
                           it does not apply to the produce on bearer plants.;
              (c)          the recognition and measurement of exploration and evaluation assets
                           (see Ind AS 106 Exploration for and Evaluation of Mineral Resources);
                 (d)         ...


6                The following terms are used in this Standard with the meanings

                 A bearer plant is a living plant that:
                 (a)         is used in the production or supply of agricultural produce;

                 (b)         is expected to bear produce for more than one period; and
                 (c)         has a remote likelihood of being sold as agricultural produce,
                             except for incidental scrap sales.

                 Carrying amount is the amount at which an asset is recognised after
                 deducting any accumulated depreciation and accumulated impairment


                 Elements of cost
22A              Bearer plants are accounted for in the same way as self-constructed items of
                 property, plant and equipment before they are in the location and condition
                 necessary to be capable of operating in the manner intended by management.
                 Consequently, references to `construction' in this Standard should be read as
                 covering activities that are necessary to cultivate the bearer plants before
                 they are in the location and condition necessary to be capable of operating in
                 the manner intended by management.
                 Revaluation model

37   A class of property, plant and equipment is a grouping of assets of a similar
     nature and use in an entity's operations. The following are examples of
     separate classes:
     (a)   ...
     (g)   furniture and fixtures; and
     (h)   office equipment.; and
     (i)   bearer plants.
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