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.  

Caryn Maitland CA(SA) is presenting this webinar on 9 March 2022 from 9:00 a.m. to 11:00 a.m. 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 IFRS for SMEs implications of accounting for biological assets and the deferred tax implications.  

Learning objectives  

By attending this webinar you will gain the following competencies: 

• Understand the peculiarities of accounting for agricultural entities.  

• Understand the standard for farming; IAS 41 - Agriculture.  

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

• Understand the treatment of government grants pertaining to agricultural activities. 

• Be aware of the taxation of income from agricultural activities.  

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. 

• Accounting for intangible assets related to farming. 

• Treatment of government grants. 

• 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. 

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, SAIBA, 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.  

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: CA(SA), Professional Accountant(SA), AGA(SA), FCCA, BAP(SA), BA(SA) and ACCA. 

• Registered auditors. 

• Accounting officers. 

• Bookkeepers. 

• Trainee accountants. 

Price              

• R 450.00 - Online admission - Individual. 

• Company Booking

• Group Price 1 - R699 (maximum of 5 attendees)

• Group Price 2 - R1 350 (maximum of 10 attendees)

• Group Price 3 - R1 950 (maximum of 15 attendees)

   

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.