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Compiled AASB Standard  AASB 141

Agriculture

This compiled Standard applies to annual periods beginning on or after 1 January 2022.  Earlier application is permitted for annual periods beginning on or after 1 January 2014 but before 1 January 2022.  It incorporates relevant amendments made up to and including 15 June 2020.
Prepared on 7 April 2022 by the staff of the Australian Accounting Standards Board.
Compilation no. 3

Compilation date:  31 December 2021

Obtaining copies of Accounting Standards
Compiled versions of Standards, original Standards and amending Standards (see Compilation Details) are available on the AASB website: www.aasb.gov.au.
Australian Accounting Standards Board
PO Box 204
Collins Street West
Victoria   8007
AUSTRALIA

Phone: (03) 9617 7600
E-mail: standard@aasb.gov.au
Website: www.aasb.gov.au

Other enquiries
Phone: (03) 9617 7600
E-mail: standard@aasb.gov.au

COPYRIGHT
© Commonwealth of Australia 2022
This compiled AASB Standard contains IFRS Foundation copyright material.  Reproduction within Australia in unaltered form (retaining this notice) is permitted for personal and non-commercial use subject to the inclusion of an acknowledgment of the source.  Requests and enquiries concerning reproduction and rights for commercial purposes within Australia should be addressed to The National Director, Australian Accounting Standards Board, PO Box 204, Collins Street West, Victoria 8007.
All existing rights in this material are reserved outside Australia.  Reproduction outside Australia in unaltered form (retaining this notice) is permitted for personal and non-commercial use only.  Further information and requests for authorisation to reproduce for commercial purposes outside Australia should be addressed to the IFRS Foundation at www.ifrs.org.

Contents

COMPARISON WITH IAS 41
ACCOUNTING STANDARD
AASB 141 AGRICULTURE

from paragraph
Objective
Scope 1
Definitions
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 39
General 40
Additional disclosures for biological assets where fair value cannot be measured reliably 54
Government grants 57
Commencement of the legislative instrument
Withdrawal of AASB pronouncements Aus57.2
Effective date and transition 58
Appendix
A  Australian simplified disclosures for Tier 2 entities
COMPILATION DETAILS
Deleted IAS 41 text

AVailable on the AASB website
Illustrative examples
Basis for Conclusions on IAS 41

Australian Accounting Standard AASB 141 Agriculture (as amended) is set out in paragraphs 1 – 65 and Appendix A.  All the paragraphs have equal authority.  Paragraphs in bold type state the main principles.  AASB 141 is to be read in the context of other Australian Accounting Standards, including AASB 1048 Interpretation of Standards, which identifies the Australian Accounting Interpretations, and 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