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of <h1>Ind AS 41: Accounting for Agricultural Activities, Biological Assets, and Government Grants Explained with Disclosure Requirements</h1> Indian Accounting Standard (Ind AS) 41 addresses the accounting treatment and disclosure requirements for agricultural activities. It applies to biological assets, agricultural produce at harvest, and specific government grants, excluding land, bearer plants, and intangible assets. Biological assets are measured at fair value less costs to sell, with gains or losses recognized in profit or loss. The standard mandates detailed disclosures, including gains or losses from fair value changes, descriptions of biological assets, and government grants. It distinguishes between consumable and bearer biological assets and requires entities to reconcile changes in biological asset values over reporting periods.
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