Introduction to IAS 41 agriculture and fair value of biological assets

In this lesson

1. 0:00 Introduction to IAS 41 Agriculture
2. 0:11 Scope: biological assets and agricultural produce
3. 1:00 Examples of biological assets and produce
4. 2:26 Initial recognition and measurement principles
5. 3:20 Bearer plants treated as PPE
6. 4:08 Agricultural produce at harvest
7. 5:01 Multiple choice question walkthrough
8. 6:44 Fair value measurement of biological assets
9. 8:31 Worked example: cattle valuation and gains
10. 10:03 Key takeaways and scope boundaries
11. 10:29 Government grants under IAS 41

About this lesson

This video covers what IAS 41 includes—livestock, biological assets, and harvested agricultural produce—and what it excludes, such as bearer plants (treated as property, plant and equipment under IAS 16) and post-harvest products (treated as inventory under IAS 2). You'll explore how to measure biological assets at fair value less costs to sell, how gains and losses flow through profit or loss, and how to handle situations where fair value can't be reliably measured. Through worked examples, you'll see how to account for changes in fair value of livestock and understand the practical distinctions that determine which accounting standard applies to different agricultural items.

Duration: 12m