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Course 1721
IFRS for the Agricultural Sector (2 days)

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Contents


Introduction

This two-day course examines international financial reporting issues and their effect on agricultural entities in detail. Our expert instructors dissect the critical issues that go beyond mere number-crunching and explain, clearly and simply, the way that the agricultural industry conducts and shapes its accounting and reporting practices.

By reference to accepted accounting practices in the sector, delegates will leave this course with practical knowledge of the principle-based IFRSs that are applicable to the agricultural industry. Participants will, for example, learn how to account for biological assets and agricultural produce at point of harvest and as inventories, the use of fair values in the agricultural industry, and presentation of gains and losses resulting from changes in fair value.

This valuable program answers questions such as:

  • What are the current requirements of IFRS as they relate to the agricultural industry?
  • When are biological assets and agricultural produce recognized and how are they measured?
  • How are agricultural operations presented in the financial statements and what disclosures are required?
  • What are the fair value measurement requirements and when do they apply?
  • What are the general requirements for other areas relevant to the agricultural industry, including accounting for fixed assets, intangible assets, leases, government grants, employee benefits, and business combinations?

Prerequisites

Intermediate understanding of accounting principles based on any national standards.
No advance preparation is required for this course.

Course Level

Intermediate

Topics

  • General Overview of IFRS
  • General principles (Framework, IAS 8 Accounting Policies, Changes in Accounting Estimates and Errors, IAS 10 Events after the Reporting Period, IAS 18 Revenue Recognition)
  • Financial statements and disclosure requirements (IAS 1 Presentation of Financial Statements, IAS 7 Cash Flow Statements, IAS 14 Segment Reporting and IFRS 8 Operating Segments, IAS 24 Related Party Disclosures, IAS 33 Earnings per Share, IAS 34 Interim Financial Reporting, IFRS 5 Non-current Assets Held for Sale and Discontinued Operations)
  • Employee benefits (IAS 19)
  • Share-based payment (IFRS 2)
  • Business combinations (IFRS 3)
  • Consolidation, including associates and joint ventures (IAS 27, IAS 28 and IAS 31)
  • Income taxes (IAS 12)
  • Financial instruments (IAS 32/39 and IFRS 7)
  • Provisions, contingent liabilities and contingent assets (IAS 37)
  • Intangible assets (IAS 38)
  • Leases (IAS 17)
  • Investment Property (IAS 40)
  • Property, Plant and Equipment (IAS 16)
  • Elements of cost
  • Component approach, initiating depreciation, depreciation method and period
  • Assets under development
  • Cost model versus revaluation model
  • Borrowing costs (IAS 23)
  • Government grants (IAS 20)
  • Impairment of assets (IAS 36)
  • Agriculture (IAS 41)
  • Scope of IAS 41
  • Agriculture-related definitions
  • Recognition and measurement of biological assets and agricultural produce:
  • Fair value versus cost
  • Treatment of point-of-sale costs
  • Hierarchy in fair value measurement
  • Frequency of fair value measurement
  • Independent valuation
  • Inability to measure fair value reliably
  • Gains and losses
  • Land related to agricultural activity
  • Subsequent expenditures
  • Government grants related to biological assets
  • Disclosures and presentation
  • Inventories (IAS 2)
  • Scope
  • Measurement
  • Recognition as expense
  • Presentation and disclosures
  • Discussion of an Agricultural Entity's IFRS Financial Statements
  • Overview of Current IFRS Developments Relevant to the Industry

Course Benefits

  • Obtain an understanding of IFRS as they relate to the agricultural industry
  • Learn practical answers to biological asset and agricultural produce accounting questions
  • Apply the disclosure and presentation rules for agricultural operations
  • Identify and comply with inventory accounting requirements
  • Comply with related IFRS requirements, including accounting for fixed assets, intangible assets, leases, government grants, employee benefits, and business combinations
  • Understand when to use fair value versus cost valuations

Teaching Method

  • Live group instruction with interactive participation encouraged
  • Identification of the critical issues affecting financial reporting in agricultural entities
  • Succinct examples and cases that illustrate classification and accounting for agricultural transactions and activities
  • Review of real-world agricultural entity financial statements
  • Presentation and discussion of recommended financial statement disclosures
  • All participants receive a comprehensive binder containing copies of the presentation slides, handouts and other course materials

Continuing Professional Education (CPE)

16 hours

Venue

All of our Dubai seminars take place in 4 star professional conference facilities, usually in city-centre downtown hotels like the Marriott, Sheraton or Hilton brands.

Detailed Joining Instructions are sent to all registered delegates by email approximately one month before the event. The Joining Instructions will confirm exact venue details and nearby (or onsite) hotel recommendations with bedroom rates where available.

Coffee and lunch will be provided.

Course Summary

This two-day course examines international financial reporting issues in detail and their effect on agricultural entities. Topics, presented through the use of examples, case studies, and illustrative financial statements, include: An overview of IFRS including general principles (Framework, IAS 8 Accounting policies, changes in accounting estimates and errors, IAS 10 Events after the Reporting Period, IAS 18 Revenue recognition) | Agriculture (IAS 41) including scope, agriculture-related definitions, recognition and measurement of biological assets and agricultural produce, fair value versus cost, treatment of point-of-sale costs, hierarchy in fair value measurement, frequency of fair value measurement, independent valuation, inability to measure fair value reliably, gains and losses, land related to agricultural activity, subsequent expenditures, government grants related to biological assets, disclosures and presentation | Disclosure requirements (IAS 1 Presentation of financial statements, IAS 7 Cash flow statements, IAS 14 Segment reporting and IFRS 8 Operating segments, IAS 24 Related party disclosures, IAS 33 Earnings per share, IAS 34 Interim financial reporting, IFRS 5 Non-current assets held for sale and discontinued operations) | Employee Benefits (IAS 19) | Share-based payment (IFRS 2) | Business combinations (IFRS 3) | Consolidation, including associates and joint ventures (IAS 27, IAS 28 and IAS 31) | Income taxes (IAS 12) | Financial instruments (IAS 32/39 and IFRS 7) | Provisions, contingent liabilities and contingent assets (IAS 37) | Intangible assets (IAS 38) | Leases (IAS 17) | Investment property (IAS 40) | Property, plant and equipment (IAS 16) including elements of cost, component approach, initiating depreciation, depreciation method and period, assets under development, cost model versus revaluation model, borrowing costs, government grants, impairment of assets | Inventories (IAS 2) including scope, measurement, recognition | Discussion of an agricultural entity's IFRS financial statements | Overview of current IFRS developments relevant to the industry.