We support changing the accounting for bearer plants, recommend extending scope to bearer livestock
We have published our comment letter on the IASB Exposure Draft ED/2013/8 ‘Agriculture: Bearer Plants’. We welcome the IASB’s proposed amendment to measure bearer plants using either a cost or revaluation model under IAS 16 ‘Property, Plant and Equipment’ rather than the fair value less costs to sell model under IAS 41 ‘Agriculture’ and support the proposed amendments, subject to a number of comments. We believe that the IASB should further consider the scope of the amendment and specifically that the IASB should perform further research, outreach and deliberation on extending the proposed amendments to bearer livestock.