Part 4: Presentation, Disclosure and Transition Requirements

The Canadian Accounting Standards Board recently released new Section 3041 Agriculture which sets out principles for the recognition, measurement and disclosure of biological assets and the harvested product of biological assets which are held by an agricultural producer. The new guidance is expected to be transformational for many agricultural producers that prepare financial statements in accordance with Accounting Standards for Private Enterprises (ASPE) or Accounting Standards for Not for Profit Organizations (ASNPO). Grant Thornton LLP has released a series of publications which explain some of the new guidance contained in Section 3041 and provide practical insights and examples to help financial statement preparers and users evaluate the impact on an enterprise’s financial statements.

This publication, which is the fourth in the series, looks at the presentation, disclosure and transition requirements. The other publications in this series address the following topics:

• Part 1: Scope and Key Definitions
• Part 2: Recognition and Measurement of Agricultural Inventories; and
• Part 3: Recognition and Measurement of Productive Biological Assets;

Readers are encouraged to read the publications in order. Furthermore, enterprises that expect to be impacted by this standard should also refer to the original text of Section 3041 to assess and understand the implications for their specific situation.