At its September meeting, the International Accounting Standards Board (IASB) unanimously supported undertaking a limited-scope project on IAS 41, Agriculture, to deal with bearer biological assets. IAS 41 was originally issued in 2001 by the International Accounting Standards Committee (IASC), the lASB's predecessor body, to address significant diversity in practice in the agricultural industry. There have been a few minor consequential amendments to IAS 41 from other IFRS over the years, for example from IFRS 13, Fair Value Measurement, in 2011. However, the overall approach in IAS 41 has remained unchanged since the standard became effective on 1 January 2003.
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