Accounting Standard AASB 141 Agriculture as amended
This compiled Standard applies to annual reporting periods beginning on or after 1 January 2016. It takes into account amendments up to and including 28 January 2015 and was prepared on 2 April 2015 by the staff of the Australian Accounting Standards Board (AASB).
This compilation is not a separate Accounting Standard made by the AASB. Instead, it is a representation of AASB 141 (July 2004) as amended by other Accounting Standards, which are listed in the Table below.
Table of Standards
Standard
Date made
Application date(annual reporting periods … on or after …)
Application, saving or transitional provisions
AASB 141
15 Jul 2004
(beginning) 1 Jan 2005
AASB 2004-2
22 Dec 2004
(beginning) 1 Jan 2005
–
AASB 2005-11
8 Sep 2005
(ending) 31 Dec 2005
see (a) below
AASB 2007-4
30 Apr 2007
(beginning) 1 Jul 2007
see (b) below
AASB 2007-8
24 Sep 2007
(beginning) 1 Jan 2009
see (c) below
AASB 2007-10
13 Dec 2007
(beginning) 1 Jan 2009
see (c) below
AASB 2008-5
24 Jul 2008
(beginning) 1 Jan 2009
see (d) below
AASB 2009-6
25 Jun 2009
(beginning) 1 Jan 2009and (ending) 30 Jun 2009
see (e) below
Erratum
5 Oct 2009
(beginning) 1 Jan 2009and (ending) 30 Jun 2009
see (f) below
AASB 2010-2
30 Jun 2010
(beginning) 1 Jul 2013
see (g) below
AASB 2011-8
2 Sep 2011
(beginning) 1 Jan 2013
see (h) below
AASB 2012-1
21 Mar 2012
(beginning) 1 Jul 2013
see (i) below
AASB 2014-6
12 Dec 2014
(beginning) 1 Jan 2016
see (j) below
AASB 2015-3
28 Jan 2015
(beginning) 1 Jul 2015
see (k) below
(a) Entities may elect to apply this Standard for annual reporting periods beginning on or after 1 January 2005 that end before 31 December 2005.
(b) Entities may elect to apply this Standard to annual reporting periods beginning on or after 1 January 2005 but before 1 July 2007.
(c) Entities may elect to apply this Standard to annual reporting periods beginning on or after 1 January 2005 but before 1 January 2009, provided that AASB 101 Presentation of Financial Statements (September 2007) is also applied to such periods.
(d) Paragraph 78 of this Standard specifies application provisions. Entities may elect to apply this Standard, or its amendments to individual Standards, to annual reporting periods beginning on or after 1 January 2005 but before 1 January 2009.
(e) Entities may elect to apply this Standard to annual reporting periods beginning on or after 1 January 2005 but before 1 January 2009, provided that AASB 101 Presentation of Financial Statements (September 2007) is also applied to such periods, and to annual reporting periods beginning on or after 1 January 2009 that end before 30 June 2009.
(f) Entities may elect to apply this Erratum to annual reporting periods beginning on or after 1 January 2005, provided that AASB 2009-6 Amendments to Australian Accounting Standards is also applied to such periods.
(g) Entities may elect to apply this Standard to annual reporting periods beginning on or after 1 July 2009 but before 1 July 2013, provided that AASB 1053 Application of Tiers of Australian Accounting Standards is also applied to such periods.
(h) AASB 2011-8 has been amended by AASB 2011-10 (made 5 September 2011) and AASB 2012-6 (made 10 September 2012).
Entities may elect to apply this Standard to annual reporting periods beginning on or after 1 January 2005 but before 1 January 2013, provided that AASB 13 Fair Value Measurement is also applied to such periods.
(i) Entities may elect to apply this Standard to annual reporting periods beginning on or after 1 July 2009 but before 1 July 2013, provided that AASB 1053 Application of Tiers of Australian Accounting Standards, AASB 13 Fair Value Measurement and AASB 2011-8 Amendments to Australian Accounting Standards arising from AASB 13 are also applied to such periods.
(j) Entities may elect to apply this Standard to annual reporting periods beginning on or after 1 January 2005 but before 1 January 2016.
(k) Entities may elect to apply this Standard to annual reporting periods beginning on or after 1 January 2014 but before 1 July 2015.
Table of Amendments to Standard
Paragraph affected
How affected
By … [paragraph]
Objective
amended
AASB 2005-11 [16]
Aus1.1
amended
AASB 2007-8 [7, 8]
Aus1.4
amendeddeleted
AASB 2007-8 [8]AASB 2015-3 [13, 14]
Aus1.8 (and preceding heading)
added
AASB 2010-2 [46]
Aus1.8
amended
AASB 2012-1 [10]
Aus1.9-Aus1.10
added
AASB 2010-2 [46]
1
amendedamended
AASB 2009-6 [99]AASB 2014-6 [11]
2-3
amended
AASB 2014-6 [11]
4-5
amendedamended
AASB 2008-5 [74]AASB 2014-6 [11]
5A-5C
added
AASB 2014-6 [12]
6
amended
AASB 2008-5 [74]
8
amendedamendedamended
AASB 2007-8 [6]AASB 2011-8 [96]AASB 2014-6 [11]
9
deleted
AASB 2011-8 [97]
12
amended
AASB 2007-8 [6]
14
deleted
AASB 2008-5 [75]
15-16
amended
AASB 2011-8 [96]
17
amendeddeleted
AASB 2008-5 [74]AASB 2011-8 [97]
18
amendeddeleted
AASB 2007-8 [6]AASB 2011-8 [97]
19
deleted
AASB 2011-8 [97]
20-21
amendeddeleted
AASB 2008-5 [74]AASB 2011-8 [97]
23
deleted
AASB 2011-8 [97]
24
amendedamendedamended
AASB 2007-8 [6]Erratum, Oct 2009 [5]AASB 2014-6 [11]
25
amended
AASB 2011-8 [98]
30
amended
AASB 2011-8 [98]
34-36
amended
AASB 2008-5 [74]
Aus43.1
deleted
AASB 2007-4 [102]
44
amended
AASB 2014-6 [11]
46
amended
AASB 2007-10 [93]
47-48
deleted
AASB 2011-8 [99]
Aus49.1
deleted
AASB 2007-4 [102]
50
amendedamended
AASB 2004-2 [18]AASB 2007-10 [94]
RDR50.1
added
AASB 2010-2 [46]
58 (preceding heading)
amended
AASB 2008-5 [76]
60
added
AASB 2008-5 [77]
61
added
AASB 2011-8 [100]
62-63
added
AASB 2014-6 [12]
Table of Amendments to Illustrative Examples
Paragraph affected
How affected
By … [paragraph]
Appendix A
deleted
AASB, Apr 2006 *
* The AASB decided at its meeting on 6 April 2006 to delete all of the Australian Illustrative Examples accompanying, but not part of, AASB 141. The decision had immediate effect.
General Terminology Amendments
The following amendments are not shown in the above Tables of Amendments:
References to ‘estimated point-of-sale costs’ and ‘point-of-sale costs’ were amended to ‘costs to sell’ by AASB 2008-5.