Overview   

Agriculture plays a vital role in South Africa's economy. Finacial reporting and taxation of farming operations require the application of unique standards, specialised tax treatment as well as presenting measurement challenges. It is essential that accountants stay up to date with the latest guidance and regulatory requirements affecting the agricultural sector.  

This webinar focuses on the critical accounting and tax considerations for farming operations, exploring these key topics:  

• The practical application of IAS 41 – Agriculture 

• Relevant sections of IFRS for SMEs. 

• The First Schedule of the Income Tax Act.  

• VAT compliance specific to agricultural enterprises. 

Join our technical experts Caryn Maitland CA(SA) and Carmen Westermeyer CA(SA) on 26 May 2025, from 10h00 to 12h00, for a vibrant discussion on accounting and taxation complexities faced by farming entities, empowering accountants to provide accurate, compliant and value-adding services to clients in the agricultural sector. 

Learning objectives and competencies developed 

Through an in-depth analysis of the latest regulatory developments, real-world case studies and practical examples, this webinar will equip you with the following competencies:   

• Gain a working understanding of IAS 41 – Agriculture and its application to biological assets.  

• Understand the recognition, measurement and disclosure requirements for crops and livestock under IFRS and IFRS for SMEs.  

• Learn the tax implications of farming income under the First Schedule of the Income Tax Act.  

• Appreciate the accounting treatment of bearer plants and the impact of the IAS 16 amendments.  

• Be equipped to identify and address common errors and compliance risks in farming financial reporting and taxation. 

Content to be discussed 

The following topics are under discussion for this month:  

• Accounting Framework 

• IAS 41 – Agriculture 

  • Definition and scope: Biological assets and agricultural produce 

  • Recognition criteria and initial measurement 

  • Subsequent measurement: Fair value less cost to sell 

  • Distinction between consumable and bearer biological assets 

  • Government grants related to agricultural activity 

• Bearer Plants 

  • Amendments to IAS 16 and IAS 41 

  • Accounting treatment of bearer plants as property, plant and equipment (PPE) 

• IFRS for SMEs (Section 34 – Specialised Activities) 

  • Recognition and measurement of biological assets 

  • Comparisons to full IFRS 

• Deferred Tax Implications 

  • Recognition of temporary differences in fair value adjustments 

  • Section 29 of the Income Tax Act 

• Related Issues 

  • Intangible assets in agriculture (e.g. land use rights, breeding rights) 

  • Land treatment and whether land is depreciated 

  • Harvesting vs growing phase: Work-in-progress crop inventory 

•  Tax Considerations for Farmers 

• Income Tax Act – First Schedule 

  • Gross income and allowable deductions for farmers 

  • Capital development expenditure 

  • Treatment of livestock and produce 

  • Deductions for soil restoration, dams, fencing, boreholes 

  • Recoupments and allowances 

• VAT Considerations 

  • VAT registration and zero-rating of agricultural products 

  • Timing of output and input VAT 

• Provisional Tax and Estimated Assessments 

  • Special rules for farmers with seasonal income 

Obtaining your CPD certificate 

This training is compliant with the International Education Standard (IES7) issued by the International Federation of Accountants and recognised for CPD by relevant professional bodies including ACCA, CIMA, IAC, IIA, SAICA and SAIPA. 

All attendees are issued with a CPD certificate available in an online profile.   

Meet your presenters 

Caryn Maitland CA(SA) 

Caryn Maitland is a Chartered Accountant (SA). She has been a member of IRBA as a registered auditor and accountant since 2002 and is also a registered member of SAICA. 

Caryn has lectured Auditing and Accounting at various institutions and has conducted independent workshops and seminars for professional accountants since 2006 on various topics. She has presented on the national tour for the annual Legislation Update with ProBeta Training (Pty) Ltd in 2014 and 2015, as well as on the FASSET national tour for the Tax Administration Act in 2014.  Caryn is also involved with the annual SAICA SMP Technical tour. 

Carmen Westermeyer CA(SA) 

Carmen Westermeyer graduated in 2001 from the University of Natal, Durban (now UKZN), with a BCom Honours degree in Accounting and completed her articles with PwC in 2004. She has been a member of SAICA since then. In 2008, she was appointed lecturer at UKZN and coordinated the Taxation 300 course until December 2010. She then took over the role of Academic Leader for the Taxation Department, as well as the coordination of the Postgraduate Taxation Programme.  

In December 2012 Carmen started running ad hoc training courses for members of the profession. From December 2013, she moved into commercial training and consulting on a full-time basis. She has been involved in various training activities, such as the SAICA SMP training in 2014 and the FASSET Budget and Tax Update in 2015 and 2016. 

Who should attend? 

The following persons will benefit from attending this webinar: 

• Professional accountants such as CA(SA), BAP(SA), AGA(SA), Professional Accountant (SA), FCCA, BA(SA) and ACCA. 

• Registered auditors. 

• Company directors. 

• Financial managers. 

• Registered tax practitioners.  

• Trainee accountants.  

Price 

• Individual Booking: R380.00  

• Company Booking: 

  • Group Price 1 - From R198 per person (up to 5 users)  

  • Group Price 2 - From R153 per person (up to 10 users)  

  • Group Price 3 - From R132 per person (over 11 users) 

Steps to register for the event:  

If you already have a profile, login and register for the webinar. 

If you don’t have a profile, create a free profile then login and register for the webinar. Click here to create a free profile (There is no charge to create a profile and gain access to our free content). 

To find out about the Resource Centre, Accounting Library and CPD Subscription Plans, click here . 

Corporate training solutions 

At the Accounting Academy, we recognize the evolving needs of businesses in today's dynamic environment. Beyond our standard webinar offerings, we provide tailored corporate training solutions designed to empower your team with the latest in accounting and professional skills. Whether you're looking for online sessions or face-to-face training, our programs are crafted to ensure a comprehensive and engaging learning experience. 

Drawing inspiration from modern training methodologies, our corporate solutions are interactive, adaptable, and focused on real-world applications. We prioritize hands-on learning, ensuring your team can immediately apply their newfound knowledge in practical scenarios. 

Interested in a bespoke corporate training experience? Reach out to us at [email protected] or call 010 593 0466. Together, let's design a training program that elevates your team's capabilities and aligns with your organizational goals. 

Contact us 

Have any questions or need any assistance? Contact us today! 

• Online chat through our website. 

• WhatsApp: Start chatting (+27635026114) 

• Phone: 010 593 0466 

• E-mail: [email protected]