Overview   

Farming is a unique business undertaking with peculiar challenges. Very few types of businesses deal with living produce in the form of crops or livestock (biological assets). The transformation of these biological assets into agricultural produce makes agricultural businesses different.  

How does a farmer value livestock at the end of a trading year? What about crops that are not yet ready for harvesting? Nutrients are taken out of agricultural land year in, year out; does the farmer depreciate it in the books? These simple examples give you an indication of the uniqueness of accounting for farming businesses.  Equally challenging could be the taxation of income derived from agricultural activity.   

Caryn Maitland CA(SA) is presenting this webinar where she will explain the accounting side of farming as well as the taxation aspect. More specifically, Caryn will take you through IAS 41 and the First  
Schedule of the Income Tax Act as well as given you worked examples for the sake of application. 

Learning objectives  

By the end of this event the participant should: 

• Understand IAS 41 – Agriculture. 

• Understand amendments to IAS 16 and IAS 41 on bearer plants.

• Be aware of the taxation effects from farning. 

• Understand the Diesel Refund System. 

Content 

The webinar will cover the following topics:  

• Introduction to IAS 41 - Agriculture; 

• Scope and application of IAS 41 – Agriculture; 

• Recognition and measurement of biological assets; 

• Disclosure of fair value of biological assets; 

• Treatment of government grants; 

• Accounting for intangible assets related to agricultural activity; 

• Agriculture: Bearer plants (Amendments to IAS 16 and IAS 41); 

• Overview of the taxation of income from agricultural activity; the first Schedule of the Income Tax Act; and 

• The Diesel Refund System: 

• Who qualifies? 

• How to register; and 

• How the system works. 

Obtaining your CPD certificate 

This webinar qualifies for 2 CPD hours with your professional body including: ACCA, SAICA, AAT, SAIPA, SAIBA, IAC, CIS, ICBA, LSSA, FPI, and the IBA. The SAAA CPD policy is compliant with IFAC IES7 and is recognised by all relevant professional bodies. 

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

About the presenter 

Caryn Maitland CA(SA) 

Caryn Maitland CA(SA) is an IRBA registered auditor and accountant since 2002. She is also a registered member of SAICA. 

Caryn lectures Auditing and Accounting at various institutions and has conducted independent workshops and seminars for professional accountants since 2006 on various topics.  

Caryn 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.  She is also involved with the annual SAICA SMP Technical tour. 

Who should attend 

The following persons will benefit from attending this webinar: 

• Professional Accountants including: RA(SA), CA(SA),PA(SA) and BAP(SA); 

• Accounting officers; 

• Bookkeepers; and  

• Accounting department staff. 

Price     

• R475.00 - Online admission - Individual. 

• R 950.00 - Online admission - Company. 

Steps to register for the event:  

1. You can either attend the event as a non-CPD subscriber or as a CPD subscriber.   

2. If you dont have a profile with us you first have to create a free CPD Subscription account. This gives you access to free events and registers you as a user on the system.  

3. Once you have a free profile you can register for this event.

4. Find out more about the benefits of being a CPD subscriber and attend this event for free - Click here 

Additional material 

By attending this webinar you will be provided with: 

• 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 me the presenter after the webinar