IFRS for SMEs Agriculture and Biological Assets
Agricultural businesses and farms are major contributors to the economy, but accounting for biological assets under IFRS for SMEs can be a compliance nightmare. If you’re getting it wrong, you’re exposing your clients (and yourself) to financial misstatements, tax headaches, and potential penalties. This CPD session is designed to give you practical, no-nonsense guidance on how to apply IFRS for SMEs to agriculture without wasting time on theory that doesn’t impact your work
What will set you apart
By completing this course you will gain the following competencies
- How to correctly account for biological assets and avoid common financial reporting mistakes
- Revenue recognition for agriculture—when and how to record sales, even with long production cycles
- Fair value vs cost model—which one should you use, and what’s the impact on taxes?
- The SARS implications—what’s deductible, what’s not, and how to avoid disputes
- How to advise clients on financial and tax planning specific to farming and agribusiness
Event breakdown
- Overview of IFRS for SMEs and Agriculture – Where biological assets fit in financial reporting
- Recognition and Measurement of Biological Assets – Fair value vs cost model: What works best?
- Revenue Recognition for Agriculture – Long-term production cycles and timing of income
- Practical Examples and Case Studies – Avoiding common pitfalls in agricultural accounting
Description
Agriculture isn’t like other industries—its financial reporting has unique challenges, from the valuation of livestock and crops to revenue recognition and taxation. If you work with clients in farming, winemaking, or forestry, this session will equip you with the tools to get their financials right, ensure compliance, and position yourself as an expert in agricultural accounting. We’ll break down IFRS for SMEs Section 34 (Specialized Activities) in a way that makes sense—without the jargon.
You will earn a certificate
On successful completion you will receive a certificate for 3 CPD units in Accounting.
Requirements
- Laptop, desktop, or mobile device with internet access
- Microsoft Edge, Google Chrome, Safari, or Firefox browser