When dealing with the theoretical accounting of Agriculture, one must review the main paragraphs of IAS (41)
and how this standard addresses the biological assets in terms of recognition, measurement and disclosure during
the period of possession by purchase or self-production, growth, loss and reproduction, as well as the accounting
treatment of the initial measurement of the agricultural production at harvest time. It has been indicated by (Marsh,
et. al, 20i3) that there is a difference between the International Financial Reporting Standards (IFRS) and U.S.
standards with regard to the recognition of assets and products, international standards are moving to towards the
fair value, while the U.S. standards are more conservative in this respect.