IFRS for SMEs Implementation Guidance 2009.fm

IFRS FOR SMES — JULY 2009
Section 34 Specialised Activities
Agriculture
Disclosures – fair value model
34.7 An entity shall disclose the following with respect to its biological assets
measured at fair value:
(a) a description of each class of its biological assets.
(b) the methods and significant assumptions applied in determining the fair
value of each class of agricultural produce at the point of harvest and each
class of biological assets.
(c) a reconciliation of changes in the carrying amount of biological assets
between the beginning and the end of the current period.
The reconciliation shall include:
(i)
(ii)
(iii)
(iv)
(v)
(vi)
the gain or loss arising from changes in fair value less costs to sell.
increases resulting from purchases.
decreases resulting from harvest.
increases resulting from business combinations.
net exchange differences arising on the translation of financial
statements into a different presentation currency, and on the
translation of a foreign operation into the presentation currency of
the reporting entity.
other changes.
Disclosures – cost model
34.10 An entity shall disclose the following with respect to its biological assets
measured using the cost model:
(a) a description of each class of its biological assets.
(b) an explanation of why fair value cannot be measured reliably.
(c) the depreciation method used.
(d) the useful lives or the depreciation rates used.
(e) the gross carrying amount and the accumulated depreciation (aggregated
with accumulated impairment losses) at the beginning and end of the
period.
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