IAS 41 Agriculture sets out the accounting for agricultural activity – the transformation of biological assets (living plants and animals) into agricultural produce (harvested product of the entity’s biological assets). The standard generally requires biological assets to be measured at fair value less costs to sell. IAS 41 was originally issued in December 2000 and first applied to annual periods beginning on or after 1 January 2003.
Indian Accounting Standard (Ind AS) 101
First-time Adoption of Indian Accounting Standards (This Indian Accounting Standard includes paragraphs set in bold type and plain type, which have equal authority. Paragraphs in bold type indicate the main principles.)
1 The objective of this Ind AS is to ensure that an entity’s first Ind AS financialstatements, and its interim financial reports for part of the period covered by those financial statements, contain high quality information that:
(a) is transparent for users and comparable over all periods presented;
(b) provides a suitable starting point for accounting in accordance with
Indian Accounting Standards (Ind ASs); and
(c) can be generated at a cost that does not exceed the benefits.
2 An entity shall apply this Ind AS in:
(a) its first Ind AS financial statements; and
(b) each interim financial report, if any, that it presents in accordance with Ind AS 34, Interim Financial Reporting, for part of the period covered by its first Ind AS financial statements.
3 An entity’s first Ind AS financial statements are the first annual financial statements in which the entity adopts Ind ASs, in accordance with Ind ASs notified under the Companies Act, 2013 and makes an explicit and unreserved statement in those financial statements of compliance with Ind ASs.