Document ID: chunk:federal_register_of_legislation:F2022C00550:body:0:p2
Version: federal_register_of_legislation:F2022C00550
Segment Type: other
Provision Reference: 
Character Range: 3038–6130

AASB 1057 Application of Australian Accounting Standards.  In the absence of explicit guidance, AASB 108 Accounting Policies, Changes in Accounting Estimates and Errors provides a basis for selecting and applying accounting policies.

Comparison with IAS 41
AASB 141 Agriculture as amended incorporates IAS 41 Agriculture as issued and amended by the International Accounting Standards Board (IASB).  Australian‑specific paragraphs (which are not included in IAS 41) are identified with the prefix "Aus".  Paragraphs that apply only to not-for-profit entities begin by identifying their limited applicability.

Tier 1
For-profit entities complying with AASB 141 also comply with IAS 41.
Not-for-profit entities' compliance with IAS 41 will depend on whether any "Aus" paragraphs that specifically apply to not-for-profit entities provide additional guidance or contain applicable requirements that are inconsistent with IAS 41.

Tier 2
Entities preparing general purpose financial statements under Australian Accounting Standards – Simplified Disclosures (Tier 2) will not be in compliance with IFRS Standards.
AASB 1053 Application of Tiers of Australian Accounting Standards explains the two tiers of reporting requirements.

Accounting Standard AASB 141

The Australian Accounting Standards Board made Accounting Standard AASB 141 Agriculture under section 334 of the Corporations Act 2001 on 14 August 2015.

This compiled version of AASB 141 applies to annual periods beginning on or after 1 January 2022.  It incorporates relevant amendments contained in other AASB Standards made by the AASB up to and including 15 June 2020 (see Compilation Details).

Accounting Standard AASB 141

Agriculture

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, except for bearer plants;
(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 AASB 116 Property, Plant and Equipment and AASB 140 Investment Property).
(b) bearer plants related to agricultural activity (see AASB 116). However, this Standard applies to the produce on those bearer plants.
(c) government grants related to bearer plants (see AASB 120 Accounting for Government Grants and Disclosure of Government Assistance).
(d) intangible assets related to agricultural activity (see AASB 138 Intangible Assets).
(e) right-of-use assets arising from a lease of land related to agricultural activity (see AASB 16 Leases).
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, AASB 102 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