Overview     

Agricultural entities operate in a uniquely complex accounting environment, requiring the application of specialised financial reporting, taxation, and compliance principles that differ significantly from those applicable to other industries. Accountants and finance professionals servicing farming clients must navigate the requirements of IAS 41 Agriculture, IFRS for SMEs, farming-specific income tax provisions, VAT concessions, payroll obligations, and sector-specific audit and reporting risks. 

This webinar highlights the importance of correctly accounting for biological assets, agricultural produce, farming infrastructure, and sector-specific tax transactions while ensuring compliance with South African legislation and international financial reporting standards. Practical guidance will be provided on the recognition, measurement, presentation, and disclosure requirements applicable to farming enterprises, together with an examination of common errors, compliance pitfalls, and areas of significant professional judgement. 

Attendees will gain practical insight into the accounting treatment of farming operations, including livestock, crops, bearer plants, government grants, inventory, revenue recognition, VAT implications, payroll obligations, and financial reporting challenges unique to the agricultural sector. The session will further explore audit and assurance considerations, helping practitioners identify and manage the risks associated with agricultural entities. 

Join Caryn Maitland CA(SA) on the 27th of July 2025 from 10:00 am to 12:00 pm as she provides a practical and comprehensive guide to the accounting, taxation, VAT, financial reporting, and compliance requirements applicable to farming entities, equipping practitioners with the knowledge required to confidently advise agricultural clients and prepare compliant financial statements in this specialised sector. 

Learning objectives   

Attending this webinar will equip you with the following skills:  

• Understand the scope, recognition, measurement, and disclosure requirements of IAS 41 Agriculture and IFRS for SMEs applicable to farming entities. 
• Apply farming-specific income tax provisions, including livestock valuations, capital allowances, farming deductions, and ring-fencing rules. 
• Evaluate and correctly apply VAT legislation affecting farming operations, including zero-rated supplies and mixed-use asset considerations. 
• Identify and address key financial reporting, audit, and assurance risks associated with agricultural businesses. 
• Prepare and review compliant financial statements and tax submissions while avoiding common sector-specific accounting errors.   

Content   

The webinar will cover the following topics:  

• Introduction to the Agriculture Sector 
o South African agricultural environment and industry landscape 
o Common farming enterprise structures and ownership models 
o Applicable financial reporting frameworks 
o Sector-specific accounting and reporting considerations 

• IAS 41 Agriculture and Financial Reporting 
o Biological assets, agricultural produce, and bearer plants 
o Recognition and measurement requirements 
o Fair value less costs to sell (FVLCTS) methodology 
o Government grants and disclosure requirements 
o IFRS for SMEs Section 34: Agriculture 

• Property, Plant and Equipment and Inventory 
o IAS 16 application to farming assets and infrastructure 
o Agricultural produce as inventory under IAS 2 
o Cost versus net realisable value considerations 

• Revenue Recognition in Farming Operations 
o Revenue from contracts with customers 
o Agricultural produce sales and livestock transactions 
o Contract farming and consignment arrangements 

• Income Tax Considerations for Farming Entities 
o Farming-specific provisions of the Income Tax Act 
o The farmer's paragraph and valuation methods 
o Capital allowances and deductions 
o Ring-fencing and income averaging provisions 

• VAT in the Agricultural Sector 
o VAT registration obligations 
o Zero-rated supplies and agricultural concessions 
o VAT on farming equipment and capital assets 
o Mixed-use assets and apportionment calculations 

• Payroll and Labour Compliance 
o BCEA requirements for farm workers 
o Minimum wage obligations 
o PAYE, UIF, and SDL compliance 
o Tax treatment of employee benefits 

• Financial Reporting Challenges and Risk Areas 
o Going concern assessments for seasonal operations 
o Fair value estimation challenges 
o Related party disclosures 
o Contingent liabilities and environmental risks 

• Audit and Assurance Considerations 
o Agriculture-specific audit risks 
o ISA 540 (Revised) and accounting estimates 
o Use of valuation and agricultural experts 
o Fraud risks and assurance considerations 

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.    

About the presenter  

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. 

Who should attend?  

The following persons will benefit from attending this webinar:  

• Practising accountants including: CA(SA), Professional Accountant (SA), AGA(SA), FCCA, BAP(SA), BA(SA) and ACCA.  

• Registered auditors.  

• Audit managers.  

• Trainee accountants.    

Price  

• R 450.00 - Online admission - Individual.  

• Group Price 1 - From R337 per person (up to 5 users)   

• Group Price 2 - From R260 per person (up to 10 users)   

• Group Price 3 - From R224 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 Monthly Practice Management Series).  

Click here to find out about the Technical Resource Centre & CPD Subscription options.    

Additional material    

By attending this webinar you will be provided with:  

• A summarised slide presentation.  

• Reference documents and/or course material where available.  

• You can ask questions during the webinar and you will also have access to the presenter after the webinar.    

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 corporate@accountingacademy.co.za 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: ticket@accountingacademy.co.za