The Canadian Accounting Standards Board (CASB) has released new guidance on recognizing, measuring and disclosing biological assets and the harvested products of biological assets. This new guidance is expected to be transformational for many agricultural producers who prepare financial statements using Accounting Standards for Private Enterprise (ASPE) or Accounting Standards for Not for Profit Organizations (ASNPO).
The new guidance comes into effect for fiscal years beginning on or after January 1, 2022. Understanding how this new guidance impacts your enterprise’s financial statements will be key in preparing for the impending change. This 4-part publication series explores some of the new guidance contained in Section 3041 and provides practical insights and examples to help financial statement preparers and users evaluate the impact on an enterprise’s financial statements.