Investment R400

*Not included in the Conversations / CCC Series

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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.

In part this disconnect between accounting and farming is because they are trying to solve different issues. A core aim of this session will be to synthesise the difference between the accounting and the tax treatments of farming.

Caryn Maitland CA(SA) and Carmen Westermeyer CA(SA) are presenting this webinar where they 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. Carmen will take you through the income tax and VAT considerations and how they mesh (or not) with accounting.

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 farming.

• 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

Details:

• • • 1 x 2.5 hour online presentation by Caryn & Carmen

    • Thursday, 21st October 2021 @ 14:00

    • R400 for the session

Register Now