ABSTRACT
International Financial Reporting Standards (IFRS) have been recognised as a set of high-quality accounting standards. This introduction presents an overview of the key concepts discussed in this book. The book explores the gap for biological assets under International Accounting Standard (IAS) 41 Agriculture. It describes IAS 41 and explains its recent adjustments introduced by the International Accounting Standards Board (IASB). The book provides worldwide evidence by exploring a selection of listed firms that comply with the criteria of having first adopted IFRS or equivalent standards before 2012. It aims to help standard setters, firms' stakeholders, students, accountants and auditors to better understand disclosure and measurement practices of biological assets and their drivers. Additionally, it contributes to the increased awareness of the market valuation implications of IAS 41 and to identify new areas of research on the issue of accounting for biological assets.
