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Introduction to Farming Accounts & Auditing

Reviewing the core financial accounting and auditing issues surrounding Farming

Introduction to Farming Accounts & Auditing Training Course

A two-day course

  • This course focuses on the specific needs of the target audience and will be conducted at a pace that ensures key learnings are understood and concepts grasped. The course is run with a flexible goal-orientated approach using the facilitator's strong technical knowledge, keen understanding of people, as well as deep professional experience working in this industry; making the course of great interest and practical relevance to the participants. All this combined with practical industry aligned exercises and case studies sets this course aside from similar offerings.
  • Your Course Director has over 20 years’ experience in the financial accounting field providing bespoke training to various companies and individuals around the world. He was also a Client Service Partner and Director of Audit conducting various audits over a period of 10 years for one of the Big 4.
  • We always aim to add value immediately so that delegates “hit the ground running” following completion of this course.

  • To examine the accounting for assets and liabilities related to agriculture sector
  • Understand the core elements of IAS 41 for agricultural activities that governs:
    • accounting treatments,
    • financial statement presentation, and
    • financial statement disclosures
  • Consider the key classifications within agricultural activities and the accounting challenges each item presents
  • To enhance technical skill need to comply with the recognition and measurement
  • Conceptualise the issues surrounding key estimates and fair value determination
  • Gain an understanding of the essential auditing requirements related to agricultural activities, including:
    • general and specific risk assessment,
    • materiality concepts,
    • audit procedures applied, and
    • fairly presented outcome determination
  • Consider any likely changes to this area of specialisation going forward
  • To provide practical guidance on disclosure requirements
  • To provide guidance on first time adoption of IAS41
  • Develop strong technical skills through the use of Practical Exercise and Case Studies underlining the core course deliverables

Day 1

Introduction

  • Overview - The scope of IAS 41
  • Key terminology and concepts defined
  • Key areas to be considered in detail:
    • Measurement and Recognition Criteria
    • Application of accounting treatments and gain / loss recognition
    • Apply the fair value model for agricultural activity
    • Accounting treatment for Government Grants
  • Recent developments in IFRS

Categorisation of different types of produce

  • Biological assets
  • Bearer plants
  • Agricultural produce

Initial Recognition

  • Key determinants and considerations in initial recognition
  • Concept of Control
  • Benefit flow
  • Fair value measurement / Cost determination ability
  • Consideration of the Auditing Issues surrounding Initial Recognition

Measurement Approaches

  • Accounting treatment of each type of produce:
    • Biological assets
    • Bearer plants
    • Agricultural produce
  • Gains on initial measurement
  • Costs used in initial measurement
  • Subsequent measurement
  • Fair value measurement model re-emphasised
  • Consideration of the Auditing Issues surrounding Measurement of Agricultural Produce

Day 2

Government Grants

  • Overview
  • Assets measured at fair value less costs to sell
  • Assets measured at cost less accumulated depreciation and impairment
  • Consideration of the Auditing Issues surrounding the treatment of Government Grants

Other Key Accounting and Taxation Issues

  • Agriculture: Bearer Plants (Amendments to IAS 16 and IAS 41)
  • Biological Assets Growing on Bearer Plants (IAS 41)
  • Subsequent Expenditure on Biological Assets (IAS 41 Agriculture)
  • Taxation in Fair Value Measurements (Amendment to IAS 41)
  • Consideration of the Auditing Issues surrounding standard Amendments and Updates

Financial Statement Presentation and Disclosure

  • Classification as:
    • Non-Current Assets
    • Current Assets
  • Disclosures:
    • Overview of extensive disclosure requirements
  • Consideration of the Auditing Issues surrounding Fair Presentation in the Financial Statement

First Time Adoption of IAS 41                                                             

  • Application and Implementation challenges
  • Common pitfalls considered
  • Consideration of the Auditing Issues surrounding First Time Adoption

The trainer is an international expert in training course development and delivery, with a focus on financial and business management. The accounting and finance courses are designed to be industry specific and address many industry sectors and are all based on deep knowledge acquired by working in those economic sectors with their development bases in IFRS.

The trainer has extensive experience in providing professional training around the world over the past 20+ years and has worked with companies operating in various economic sectors of the economy – banking, governments, manufacturing, mining and agricultural, retail, service delivery and SME’s across most industry segments.

The trainer brings technical and practical experience obtained through 10 years with Deloitte; where he was both technical director and audit client service partner for companies such as Microsoft, Procter & Gamble, SAB Miller and General Motors, and has worked on various audit engagements in the manufacturing, service and farming sectors.

This highly interactive workshop-style webinar has been designed to give either a comprehensive introduction or a comprehensive refresher to the requirements of IAS 41 – Agriculture. This unpretentious standard can be particularly demanding in its application without a strong experiential background in agricultural activities; a topic which is both broad in scope and full of practical complexity. It is suitable for those wishing to hone up or refresh existing skills.

Have this course presented In-House

  • On a date, time and in a location of your choice
  • Topics expanded or deleted to your bespoke requirements
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Have this course pre-recorded

  • Full course recording edited exclusively for your company
  • Files converted to enable housing on your LMS
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