Low hanging fruit?

9 Sep 2013

Accounting for bearer plants under IAS 16 is moving towards a PPE approach say Leo van der Taas and Angela Covic

How we account for bearer plants may be changing. Concerns about the cost and complexity of the current requirements led the International Accounting Standards Board (IASB) to issue proposed changes in June 2013. But will they be simpler and easier to apply?

In this article, we look at some of the practical challenges that entities would face and highlight areas to consider in responding to the IASB consultation by 28 October 2013.

Proposed requirements

The IASB has decided to focus solely on plants, specifically those that bear produce (ie, grape vines, fruit trees) provided they are:

Used in the production or supply of agricultural produce;

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