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Accounting Standards for Agriculture

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    Accounting Standards for Agriculture

    Greetings;

    I had the pleasure to land on your site and to read the transcript on Variable & Fixed Costs held on January 5, 2000. Though dated there were some questions and concerns raised by participants one of which expressed the need for a uniform accounting standard for Agriculture.

    Most recently (February 2001) the International Accounting Standards (IAS) has issued a proposed standard on Agriculture. I believe that this may answer a lot of questions that people have. I am currently reviewing this standard to see if there is any changes that might help. As part of my review I was researching information when I happened upon your web site. And as this of interest to you, I thought I would write to you to get your thoughts on the proposed standard. If you have not heard of it before this, you may visit the following link http://www.iasc.org.uk/ and review the document on-line.

    I do not have the detailed experience in Agriculture accounting, therefore any input you may have will be appreciated and will be taken into consideration in accepting or rejecting the proposed standard.

    Thank for you consideration. If you have any questions, please feel free to contact me. You may reach me by phone at 403-2426052 or by e-mail nazirr@home.com. Note, I am an independent person and am doing this as a volunteer on the Global Financial Reporting Advisory Committee of the Association of Investment Management and Research.

    Sincerely,

    Nazir S. Rahemtulla, CA, CFE

    #2
    In Canada over the past few years an initative has been in place to develop guidelines for agriculture accounting. This has been an industry wide initative with stakeholders from virtally all sectors (accounting, producers, farm management specialists, financial institutions, government,etc) participating and with the final review being done by the Canadian Institute of Chartered Accountants.

    Published to this point are documents for Beef, Dairy, Grains & Oilseeds, Poultry, and I believe Hogs. Horticulture is still in the works. These are available through the Canadian Farm Business Management Council at www.cfbmc.com

    We have been involved in a project to teach the fundamentals of accounting through the use of CD-ROM technology and three of the sector publications are included on the CD: Beef, Dariy, and Grains & Oilseeds. Information on the "Managing Agriculture Records for Success" is available at www.farmbooks.com

    Bruce Hill
    Cornerstone Educational Services Inc.

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