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CA. ABHISHEK BAJPAI (Querist)

06 January 2011 AS ICAI announce that IFRS is not must for agriculture sector, so plz confirm that is RICE industry covers in this exemption?

CA Sanat Pyne

CA Sanat Pyne (Expert)

06 January 2011 The Institute of Chartered Accountants of India (ICAI) has said that the agriculture companies might not have to converge fully with international financial reporting standards (IFRS) and a part of their convergence process would be deferred by another one or two years.

This would come as a relief for those agriculture companies that are above the Rs 1,000-crore bracket since they will not have to follow one of the key standards of IFRS-IAS 41 (Agriculture Operations).

CA. ABHISHEK BAJPAI

CA. ABHISHEK BAJPAI (Querist)

06 January 2011 Our co. comes under 1000 cr & above bracket, we are hulling paddy to rice, so my question is that are we covered under agriculture companies?can we avail the above relaxation?

CA. ABHISHEK BAJPAI

CA. ABHISHEK BAJPAI (Querist)

06 January 2011 If you have any written definition or clarification of agriculture companies then plz send me at caabhi.bajpai@gmail.com

Thanks

CA Sanat Pyne

CA Sanat Pyne (Expert)

06 January 2011 DEFINATION OF AGRICULTURE.
science and practice of producing crops and livestock from the natural resources of the earth. The primary aim of agriculture is to cause the land to produce more abundantly and at the same time to protect it from deterioration and misuse. The diverse branches of modern agriculture include agronomy agronomy , branch of agriculture dealing with various physical and biological factors—including soil management, tillage, crop rotation, breeding, weed control, and climate—related to crop production. Agronomy commonly refers to field crops, e.g.
information. , horticulture horticulture [Lat. hortus=garden], science and art of gardening and of cultivating fruits, vegetables, flowers, and ornamental plants. Horticulture generally refers to small-scale gardening, and agriculture to the growing of field crops, usually on a large
, economic entomology entomology, study of insects, an arthropod class that comprises about 900,000 known species, representing about three fourths of all the classified animal species.
, animal husbandry animal husbandry, aspect of agriculture concerned with the care and breeding of domestic animals such as cattle, goats, sheep, hogs, and horses. Domestication of wild animal species was a crucial achievement in the prehistoric transition of human civilization from
information. , dairying dairying, business of producing, processing, and distributing milk and milk products. Ninety percent of the world's milk is obtained from cows; the remainder comes from goats, buffaloes, sheep, reindeer, yaks, and other ruminants.
, agricultural engineering, soil chemistry, and agricultural economics.
from above we can say that rice industries is also a agriculture industries.

CA. ABHISHEK BAJPAI

CA. ABHISHEK BAJPAI (Querist)

06 January 2011 thanx for such grt idefination thanx

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