IFRS for SMEs Agriculture and Biological Assets – 31 March 2025

Under the IFRS for SMEs (International Financial Reporting Standards for Small and Medium-sized Entities), agriculture and biological assets are addressed primarily in Section 34. This section provides guidance on how entities engaged in agricultural activities should account for their biological assets and agricultural produce. Here’s a summary of the key content related to Agriculture and Biological Assets under IFRS for SMEs:

1. Scope

• Section 34 of IFRS for SMEs applies to biological assets and agricultural produce at the point of harvest.
• Biological assets are living plants or animals (e.g., crops, livestock).
• Agricultural produce is the harvested product of the biological asset (e.g., milk from cows, fruits from trees).