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Exposure Draft of the Indian Accounting Standard (Ind AS) 41 Agriculture (corresponding to IAS 41) (Comments to be received by October 15, 2014)
September, 19th 2014
               Exposure Draft


  Indian Accounting Standard (Ind AS) 41,
               Agriculture




 (Last date for Comments: October 15, 2014)




                   Issued by
         Accounting Standards Board
The Institute of Chartered Accountants of India
         Indian Accounting Standard (Ind AS) 41

         Agriculture
CONTENTS
                                                     from paragraph
INTRODUCTION                                                 IN1
INDIAN       ACCOUNTING           S TANDARD     41
AGRICULTURE
OBJECTIVE
SCOPE                                                              1
DEFINITIONS                                                        5
Agriculture-related definitions                                    5
General definitions                                                8
RECOGNITION AND MEASUREMENT                                       10
Gains and losses                                                  26
Inability to measure fair value reliably                          30
GOVERNMENT GRANTS                                                 34
DISCLOSURE                                                        40
General                                                           40

Additional disclosures for biological assets where                54
fair value cannot be measured reliably
Government grants                                                 57
                                                        Exposure Draft
                    Indian Accounting Standard (Ind AS) 41
                                 Agriculture

 Following is the Exposure Draft of Indian Accounting Standard (Ind AS) 41,
Agriculture 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 commentsasb@icai.in
Further clarifications on this standard amendment may be sought by e-mail to
achin.poddar@icai.in


(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)


           Objective

                            The objective of this Standard is to prescribe the accounting
                            treatment and disclosures related to agricultural activity.

           Scope

           1                This Standard shall be applied to account for                          the
                            following when they relate to agricultural activity:
                            (a)         biological assets;
                            (b)         agricultural produce at the point of harvest; and
                            (c)         government grants covered by paragraphs 34 and
                                        35.
           2                This Standard does not apply to:
                            (a) land related to agricultural activity (see Ind AS 16 Property,
                                Plant and Equipment and Ind AS 40 Investment Property);
                                                            
1
  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
       (b) bearer plants related to agricultural activity (see Ind AS
           16). However, this Standard applies to the produce on
           those bearer plants.


       (c) government grants related to bearer plants (see Ind AS
           20 Accounting for Government Grants and Disclosure
           of Government Assistance).


       (d)   intangible assets related to agricultural activity (See Ind AS
             38 Intangible Assets).
3      This Standard is applied to agricultural produce, which is the
       harvested produce of the entity's biological assets, at the point
       of harvest. Thereafter, Ind AS 2 Inventories or another applicable
       Standard is applied. Accordingly, this Standard does not deal
       with the processing of agricultural produce after harvest; for
       example, the processing of grapes into wine by a vintner who
       has grown the grapes.         While such processing may be a
       logical and natural extension of agricultural activity, and the
       events taking place may bear some similarity to biological
       transformation, such processing is not included within the
       definition of agricultural activity in this Standard.

4      The table below provides examples of biological assets,
       agricultural produce, and products that are the result of
       processing after harvest:


Biological assets   Agricultural produce       Products that are the
                                               result of processing
                                               after harvest
Sheep             Wool                         Yarn, carpet
Trees in a timber Felled Trees                 Logs, lumber
plantation
Dairy Cattle        Milk                       Cheese
Pigs                Carcass                    Sausages, cured hams
Cotton plants       Harvested cotton           Thread, clothing
Sugarcane           Harvested cane             Sugar
Tobacco plants      Picked leaves              Cured tobacco
Tea bushes          Picked leaves              Tea
Grape vines         Picked grapes              Wine
Fruit trees         Picked fruit               Processed fruit
Oil palms           Picked fruit               Palm oil
Rubber trees        Harvested latex            Rubber products

Some plants, for example, tea bushes, grape vines, oil palms and rubber
 trees, usually meet the definition of a bearer plant and are within the scope
 of Ind AS 16. However, the produce growing on bearer plants, for example,
 tea leaves, grapes, oil palm fruit and latex, is within the scope of Ind AS 41.



Definitions

Agriculture-related definitions
5      The following terms are used in this Standard with the
       meanings specified:
       Agricultural activity is the management by an entity of the
       biological transformation and harvest of biological assets
       for sale or for conversion into agricultural produce or into
       additional biological assets.


       Agricultural produce is the harvested product of the entity's
       biological assets.

       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.


       A biological asset is a living animal or plant.

       Biological transformation comprises the processes of
       growth, degeneration, production, and procreation that
       cause qualitative or quantitative changes in a biological
       asset.
       Costs to sell are the incremental costs directly attributable to
       the disposal of an asset, excluding finance costs and income
       taxes.
       A group of biological assets is an aggregation of similar living
       animals or plants.
       Harvest is the detachment of produce from a biological
       asset or the cessation of a biological asset's life processes.

5A     The following are not bearer plants:
       (a)     plants cultivated to be harvested as agricultural
               produce (for example, trees grown for use as
               lumber);

       (b)      plants cultivated to produce agricultural produce
               when there is more than a remote likelihood that the
               entity will also harvest and sell the plant as
               agricultural produce, other than as incidental scrap
               sales (for example, trees that are cultivated both for
               their fruit and their lumber); and
       (c)     annual crops (for example, maize and wheat).




5B   When bearer plants are no longer used to bear produce they
     might be cut down and sold as scrap, for example, for use as
     firewood. Such incidental scrap sales would not prevent the
     plant from satisfying the definition of a bearer plant.

5C   Produce growing on bearer plants is a biological asset.


6    Agricultural activity covers a diverse range of activities; for
     example, raising livestock, forestry, annual or perennial
     cropping, cultivating orchards and plantations, floriculture and
     aquaculture (including fish farming). Certain common features
     exist within this diversity:
     (a)     Capability to change. Living animals and plants are capable of
             biological transformation;
     (b)     Management of change. Management facilitates biological
             transformation by enhancing, or at least stabilising,
             conditions necessary for the process to take place (for
             example, nutrient levels, moisture, temperature, fertility,
             and light). Such management distinguishes agricultural
             activity from other activities. For example, harvesting from
             unmanaged sources (such as ocean fishing and
             deforestation) is not agricultural activity; and

     (c)      Measurement of change. The change in quality (for
             example, genetic merit, density, ripeness, fat cover, protein
             content, and fibre strength) or quantity (for example, progeny,
             weight, cubic metres, fibre length or diameter,             and
             number     of    buds)     brought     about    by   biological
             transformation or harvest is measured and monitored as a
             routine management function.

7    Biological transformation results in the following types of
     outcomes:
      (a)    asset changes through (i) growth (an increase in
             quantity or improvement in quality of an animal or
            plant), (ii) degeneration (a decrease in the quantity or
            deterioration in quality of an animal or plant), or (iii)
            procreation (creation of additional living animals or
            plants); or
      (b)   production of agricultural produce such as latex, tea
            leaf, wool, and milk.

      General definitions
8     The following terms are used in this Standard with the
      meanings specified:


      Carrying amount is the amount at which an asset is
      recognised in the balance sheet.


      Fair value is the price that would be received to sell an
      asset or paid to transfer a liability in an orderly transaction
      between market participants at the measurement date. (See
      Ind AS 1 13 Fair Value Measurement.)
      Government grants are as defined in Ind AS 20 .
9     [Deleted]

Recognition and measurement

10    An entity shall recognise a biological asset or agricultural
      produce when, and only when:
      (a)   the entity controls the asset as a result of past
            events;
      (b)   it    is   probable   that   future   economic   benefits
            associated with the asset will flow to the entity;
            and
      (c)   the fair value or cost of the asset can be measured
            reliably.


11    In agricultural activity, control may be evidenced by,      for
      example, legal ownership of cattle and the branding          or
      otherwise marking of the cattle on acquisition, birth,       or
      weaning. The future benefits are normally assessed           by
      measuring the significant physical attributes.

12    A biological asset shall be measured on initial recognition
      and at the end of each reporting period at its fair value less
      costs to sell, except for the case described in paragraph 30
      where the fair value cannot be measured reliably.
13      Agricultural produce harvested from an entity's biological
        assets shall be measured at its fair value less costs to sell at the
        point of harvest. Such measurement is the cost at that date
        when applying Ind AS 2 Inventories or another applicable
        Standard.


14      [Deleted]


15      The fair value measurement of a biological asset or agricultural
        produce may be facilitated by grouping biological assets or
        agricultural produce according to significant attributes; for
        example, by age or quality.    An entity selects the attributes
        corresponding to the attributes used in the market as a basis
        for pricing.

16      Entities often enter into contracts to sell their biological assets
        or agricultural produce at a future date. Contract prices are
        not necessarily relevant in measuring fair value, because fair
        value reflects the current market conditions in which market
        participant buyers and sellers would enter into a transaction. As
        a result, the fair value of a biological asset or agricultural
        produce is not adjusted because of the existence of a contract.
        In some cases, a contract for the sale of a biological asset or
        agricultural produce may be an onerous contract, as defined in
        Ind AS 37 Provisions, Contingent Liabilities and Contingent Assets. Ind AS
        37 applies to onerous contracts.

17-21   [Deleted]


22      An entity does not include any cash flows for financing the
        assets, taxation, or re-establishing biological assets after harvest
        (for example, the cost of replanting trees in a plantation forest
        after harvest).
23      [Deleted]
24      Cost may sometimes approximate fair value, particularly when:
        (a)   little biological transformation has taken place since
              initial cost incurrence (for example, for seedlings planted
              immediately prior to the end of a reporting period or
              newly acquired livestock); or
        (b)   the impact of the biological transformation on price is not
              expected to be material (for example, for the initial growth
              in a 30-year pine plantation production cycle).

25      Biological assets are often physically attached to land (for
        example, trees in a plantation forest). There may be no separate
        market for biological assets that are attached to the land but an
     active market may exist for the combined assets, that is, the
     biological assets, raw land, and land improvements, as a
     package. An entity may use information regarding the
     combined assets to measure the fair value of the biological
     assets. For example, the fair value of raw land and land
     improvements may be deducted from the fair value of the
     combined assets to arrive at the fair value of biological assets.


     Gains and losses
26   A gain or loss arising on initial recognition of a biological
     asset at fair value less costs to sell and from a change in
     fair value less costs to sell of a biological asset shall be
     included in profit or loss for the period in which it arises.

27   A loss may arise on initial recognition of a biological asset,
     because costs to sell are deducted in determining fair value less
     costs to sell of a biological asset. A gain may arise on initial
     recognition of a biological asset, such as when a calf is born.

28   A gain or loss arising on initial recognition of agricultural
     produce at fair value less costs to sell shall be included in
     profit or loss for the period in which it arises.

29   A gain or loss may arise on initial recognition of agricultural
     produce as a result of harvesting.



     Inability to measure fair value reliably
30   There is a presumption that fair value can be measured
     reliably for a biological asset. However, that presumption
     can be rebutted only on initial recognition for a
     biological asset for which quoted market prices are not
     available    and     for  which    alternative    fair  value
     measurements are determined to be clearly unreliable. In
     such a case, that biological asset shall be measured at its
     cost less any accumulated depreciation and any
     accumulated impairment losses. Once the fair value of
     such a biological asset becomes reliably measurable, an
     entity shall measure it at its fair value less costs to sell.
     Once a non-current biological asset meets the criteria to
     be classified as held for sale (or is included in a disposal
     group that is classified as held for sale) in accordance with
     Ind AS 10 5 Non-current Assets Held for Sale and Discontinued
     Operations, it is presumed that fair value can be measured
     reliably.
31   The presumption in paragraph 30 can be rebutted only on
     initial recognition. An entity that has previously measured a
     biological asset at its fair value less costs to sell continues to
     measure the biological asset at its fair value less costs to sell until
     disposal.

32   In all cases, an entity measures agricultural produce at the point
     of harvest at its fair value less costs to sell. This Standard reflects
     the view that the fair value of agricultural produce at the point
     of harvest can always be measured reliably.

33   In   determining     cost,   accumulated   depreciation     and
     accumulated impairment losses, an entity considers Ind AS 2, Ind
     AS 16 and Ind AS 36 Impairment of Assets.

Government grants

34   An unconditional government grant related to a
     biological asset measured at its fair value less costs to sell
     shall be recognised in profit or loss when, and only when,
     the government grant becomes receivable.

35    If a government grant related to a biological asset
      measured at its fair value less costs to sell is conditional,
      including when a government grant requires an entity not
      to engage in specified agricultural activity, an entity
      shall recognise the government grant in profit or loss
      when, and only when, the conditions attaching to the
      government grant are met.

36    Terms and conditions of government grants vary. For
      example, a grant may require an entity to farm in a particular
      location for five years and require the entity to return all of the
      grant if it farms for a period shorter than five years. In this case,
      the grant is not recognised in profit or loss until the five years
      have passed. However, if the terms of the grant allow part of
      it to be retained according to the time that has elapsed, the
      entity recognises that part in profit or loss as time passes.

37    If a government grant relates to a biological asset measured at
      its cost less any accumulated depreciation and any accumulated
      Impairment losses (see paragraph 30), Ind AS 20 is applied.

38    This Standard requires a different treatment from Ind AS 20, if a
      government grant relates to a biological asset measured at its
      fair value less costs to sell or a government grant requires an
      entity not to engage in specified agricultural activity. Ind AS
      20 is applied only to a government grant related to a
      biological asset measured at its cost less any accumulated
        depreciation and any accumulated impairment losses.

     Disclosure

39      [Deleted]

        General
40      An entity shall disclose the aggregate gain or loss
        arising during the current period on initial recognition of
        biological assets and agricultural produce and from the
        change in fair value less costs to sell of biological assets.

41      An entity shall provide a description of each group of
        biological assets.
42      The disclosure required by paragraph 41 may take the form of
        a narrative or quantified description.

43      An entity is encouraged to provide a quantified description of
        each group of biological assets, distinguishing between
        consumable and bearer biological assets or between mature
        and immature biological assets, as appropriate. For example,
        an entity may disclose the carrying amounts of consumable
        biological assets and bearer biological assets by group. An entity
        may further divide those carrying amounts between mature
        and immature assets. These distinctions provide information
        that may be helpful in assessing the timing of future cash flows.
        An entity discloses the basis for making any such distinctions.

44      Consumable biological assets are those that are to be harvested
        as agricultural produce or sold as biological assets. Examples of
        consumable biological assets are livestock intended for the
        production of meat, livestock held for sale, fish in farms, crops
        such as maize and wheat, produce on a bearer plant and trees being
        grown for lumber. Bearer biological assets are those other than
        consumable biological assets; for example, livestock from which
        milk is produced and fruit trees from which fruit is harvested,.
        Bearer biological assets are not agricultural produce but, rather,
        are held to bear produce.

45      Biological assets may be classified either as mature biological
        assets or immature biological assets. Mature biological assets
        are those that have attained harvestable specifications (for
        consumable biological assets) or are able to sustain regular
        harvests (for bearer biological assets).

46      If not disclosed elsewhere in information published with
        the financial statements, an entity shall describe:
        (a)   the nature of its activities involving each group
              of biological assets; and
        (b)   non-financial measures or estimates of the physical
              quantities of:

              (i)      each group of the entity's biological
                       assets at the end of the period; and

              (ii)     output of agricultural produce during the
                       period.

47-48    [Deleted]


49      An entity shall disclose:
        (a)   the existence and carrying amounts of biological
              assets whose title is restricted, and the carrying
              amounts of biological assets pledged as security for
              liabilities;
        (b)   the amount of commitments for the development
              or acquisition of biological assets; and
        (c)   financial risk management strategies related to
              agricultural activity.

50      An entity shall present a reconciliation of changes in
        the carrying amount of biological assets between the
        beginning and the end of the current period. The
        reconciliation shall include:
        (a)   the gain or loss arising from changes in fair value
              less costs to sell;
        (b)   increases due to purchases;
        (c)   decreases      attributable     to    sales   and    biological
              assets classified as held for sale (or included in a
              disposal group that is classified as held for sale) in
              accordance with Ind AS 105;
        (d)   decreases due to harvest;
        (e)   increases resulting from business combinations;
        (f)   net    exchange           differences     arising     on     the
              translation      of   financial         statements    into    a
              different      presentation      currency,     and    on     the
              translation      of   a     foreign     operation    into    the
              presentation currency of the reporting entity; and
        (g)   other changes.

51      The fair value less costs to sell of a biological asset can change
      due to both physical changes and price changes in the
      market. Separate disclosure of physical and price changes is
      useful in appraising current period performance and future
      prospects, particularly when there is a production cycle of more
      than one year. In such cases, an entity is encouraged to
      disclose, by group or otherwise, the amount of change in fair
      value less costs to sell included in profit or loss due to physical
      changes and due to price changes. This information is generally
      less useful when the production cycle is less than one year
      (for example, when raising chickens or growing cereal crops).

 52   Biological transformation results in a number of types of physical
      change--growth, degeneration, production, and procreation,
      each of which is observable and measurable. Each of those
      physical changes has a direct relationship to future economic
      benefits. A change in fair value of a biological asset due to
      harvesting is also a physical change.




53    Agricultural activity is often exposed to climatic, disease and
      other natural risks. If an event occurs that gives rise to a
      material item of income or expense, the nature and amount of
      that item are disclosed in accordance with Ind AS 1 Presentation
      of Financial Statements. Examples of such an event include an
      outbreak of a virulent disease, a flood, a severe drought or frost,
      and a plague of insects.

      Additional disclosures for biological assets where fair value
      cannot be measured reliably
54    If an entity measures biological assets at their cost less any
      accumulated     depreciation     and     any     accumulated
      impairment losses (see paragraph 30) at the end of the
      period, the entity shall disclose for such biological assets:
      (a) a description of the biological assets;
      (b)    an explanation of why fair value cannot be
             measured reliably;
      (c)    if possible, the range of estimates within which
             fair value is highly likely to lie;
      (d)    the depreciation method used;
      (e)    the useful lives or the depreciation rates used;
             and
      (f)    the      gross     carrying      amount         and      the
             accumulated depreciation (aggregated                  with
             accumulated         impairment        losses)    at      the
             beginning and end of the period.
55   If, during the current period, an entity measures biological
     assets at their cost less any accumulated depreciation and
     any accumulated impairment losses (see paragraph 30), an
     entity shall disclose any gain or loss recognised on
     disposal of such biological assets and the reconciliation
     required by paragraph 50 shall disclose amounts
     related to such biological assets separately. In addition,
     the reconciliation shall include the following amounts
     included in profit or loss related to those biological
     assets:
     (a)   impairment losses;
     (b)   reversals of impairment losses; and
     (c)   depreciation.
56   If the fair value of biological assets previously measured at
     their cost less any accumulated depreciation and any
     accumulated      impairment       losses   becomes    reliably
     measurable during the current period, an entity shall
     disclose for those biological assets:
     (a)   a description of the biological assets;
     (b)   an explanation of why fair value has become
           reliably measurable; and
     (c)   the effect of the change.

     Government grants
57   An entity shall disclose the following            related   to
     agricultural activity covered by this Standard:
     (a)   the nature and extent        of government grants
           recognised in the financial statements;
     (b)   unfulfilled conditions and other contingencies
           attaching to government grants; and
     (c)   significant decreases expected in the level of
           government grants.
Consequential amendments to other Standards
Ind AS 1 Presentation of Financial Statements
              Paragraph 54 is amended. New text is underlined.

              Information to be presented in the balance sheet

              54             As a minimum, the balance sheet shall include line items that
                             present the following amounts:

                             (a) ...

                             (f)            biological assets within the scope of Ind AS 41 Agriculture;

                             (g)             ...



Ind AS 17 Leases

Paragraph 2 is amended. Deleted text is struck through and new text is underlined.

              Scope

              2              ...

              However, this Standard shall not be applied as the basis of measurement for:

              (a)            ...

              (c)            biological assets within the scope of Ind AS 41 Agriculture held by
                             lessees under finance leases (see Ind AS 41 Agriculture2); or

              (b)            biological assets within the scope of Ind AS 41 provided by lessors
                             under operating leases (see Ind AS 41).


Ind AS 23 Borrowing Costs

Paragraphs 4 and 7 are amended. Deleted text is struck through and new text is
underlined.

              Scope
                                                            
               ...

       4       An entity is not required to apply the Standard to borrowing costs
               directly attributable to the acquisition, construction or production of:

               (a) a qualifying asset measured at fair value, for example a biological
                   asset within the scope of Ind AS 41 Agriculture; or
               (b) ...

       Definitions

               ...

       7       Depending on the circumstances, any of the following may be
               qualifying assets:

               (a)       ...

               (e)       investment properties.

               (f)       bearer plants.


Ind AS 36 Impairment of Assets

Paragraph 2 is amended. Deleted text is struck through and new text is underlined.

       Scope

       2       This Standard shall be applied in accounting for the impairment of all
               assets, other than:

               (a)         ...

               (g)        biological assets related to agricultural activity within the
                         scope of Ind AS 41 Agriculture that are measured at fair value
                         less costs of disposal (see Ind AS 41 Agriculture);
               (h) ...



Ind AS 40 Investment Property

Paragraphs 4 and 7 are amended. Deleted text is struck through and new text is
underlined.

       Scope

               ...

       4       This Standard does not apply to:
               (a)    biological assets related to agricultural activity (see Ind AS 41
                      Agriculture and Ind AS 16 Property, Plant and Equipment);
                      and

               (b) ...



       Classification of property as investment property or owner-occupied
       property

               ...

       7       Investment property is held to earn rentals or for capital appreciation
               or both. Therefore, an investment property generates cash flows
               largely independently of the other assets held by an entity. This
               distinguishes investment property from owner-occupied property. The
               production or supply of goods or services (or the use of property for
               administrative purposes) generates cash flows that are attributable not
               only to property, but also to other assets used in the production or
               supply process. Ind AS 16 Property, Plant and Equipment applies to
               owner-occupied property.
Appendix 1
Note: This Appendix is not a part of this Indian Accounting Standard. The purpose of this
Appendix is only to bring out the differences, if any, between Indian Accounting Standard
(Ind AS) 41 and the corresponding International Accounting Standard (IAS) 41, Agriculture.
.


Comparison with IAS 41, Agriculture


1.     Different terminology is used in this standard, e.g., the term `balance sheet' is used
       instead of `Statement of financial position', and `Statement of profit and loss' is
       used instead of `Statement of Profit and Loss and comprehensive income'.


2.     Following paragraphs appears as `Deleted `in IAS 41. However, in order to
       maintain consistency with paragraphs numbers of IAS 41, the paragraphs
       numbers are retained in Ind AS 41.


       (i)     Paragraph 9
       (ii)    Paragraph 14
       (iii)   Paragraphs 17-21
       (iv)    Paragraph 23
       (v)     Paragraph 39
       (vi)    Paragraphs 47-48

 
 
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