Ind AS 41 prescribes the accounting treatment for biological assets except for bearer plants, when such biological assets are used for agricultural activity and for the initial measurement of agricultural produce at the point of harvest. The Standard also prescribes accounting treatment for government grants relating to biological assets measured at its fair value less costs to sell and used for agricultural activity.

The Educational Material on Ind AS 41, Agriculture addresses certain relevant aspects envisaged in the Standard by way of brief summary of the Standard and Frequently Asked Questions (FAQs) which are being/expected to be encountered while implementing the Standard.

Relevant link to download the Educational Material: https://resource.cdn.icai.org/69154indas070222.pdf