Exposure Draft of Accounting Standard on Agriculture Soon

Posted: 30/06/2011 in General, ICAI

Exposure Draft of Accounting Standard on Agriculture Soon

The Institute of Chartered Accountants of India will soon issue an exposure draft of the proposed accounting standard on agriculture.

FAIR VALUE
This standard will prescribe ‘fair value’ measurement only for certain agricultural crops and not for all, sources close to the development said.

The CA institute has not given up on plans to develop an accounting standard for agriculture in line with the Indian situation.

Already, the standard setters have initiated consultation with various stakeholders for this purpose.

Although the Indian accounting standards are in place for most of the issues for which international standards have been developed, there has been so far no Indian accounting standard for agriculture.

The domestic industry has some apprehensions over adoption of ‘ fair value’ concept for all agricultural crops.

Source: The Hindu Business Line

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