Description

Accounting for farm operations involves unique challenges due to the biological nature of assets like livestock and crops. Accounting practitioners with clients who are involved in agriculture need to possess specialised accounting knowledge on how to account correctly for their clients’ operations. 

In this webinar, we are pleased to feature Caryn Maitland CA(SA), an expert in the field, who will offer practical advice for accountants. The session will cover best practices and critical aspects of accounting that are specific to the agricultural industry. 

What you will learn

By attending this webinar you will gain the following competencies: 

• Comprehensive understanding of the requirements outlined in IFRS and IFRS for SMEs concerning accounting for biological assets.

• Insight into the practical considerations and challenges involved in preparing informative financial information for farmers, including additional disclosures and annexures such as a farming statement.

• Understanding of the disparities between the accounting and taxation ramifications associated with farming.

• Proficiency in producing financial statements that adhere to both IFRS and IFRS for SME standards.

• Awareness of the VAT implications pertinent to farming practices.