International Financial Reporting Standards (IFRS)

IFRS for Small and Medium-sized Entities (SMEs)
Section 34: Specialised Activities

1. SME 34 applies to
(1) Agriculture
(2) Extractive activities
(3) Service concessions

2. Measurement of biological assets

(1) if fair value is readily determinable
--> fair value model

(2) other biological assets
--> cost model

3. Fair value model

(1) measure at (A)
--> (A) fair value less costs to sell

(2) changes in (A)
--> recognise in profit or loss

4. Cost model

(1) measure biological assets
--> at cost less (B)
--> (B) accumulated depreciation and accumulated impairment losses

(2) measure harvest from biological assets
--> at fair value less (C)
--> (C) estimated costs to sell

5. Extractive activities
--> apply SME 17 and SME 18
--> SME 17: Property, plant and equipment
--> SME 18: Intangible assets other than goodwill

6. Service concession arrangement
--> grantor contracts with a private operator
--> to operate grantor's infrastructure assets

7. Grantor controls
--> services from those assets and
--> residual interests

8. Operator's accounting for revenue
--> apply SME 23: Revenue

9. For rights to charge users of public service
--> operator recognises intangible assets
--> apply SME 18: Intangible assets other than goodwill

10. For unconditional contractual rights
--> to receive financial assets from grantor
--> operator recognises financial assets
--> apply SME 11 and SME 12
--> SME 11: Basic financial instruments
--> SME 12: Other financial instruments issues

[IAS 41]
Agriculture
--> issued in February 2001

[IFRS 6]
Exploration for and evaluation of mineral resources
--> issued in December 2004

[IFRIC Interpretation 12]
Service concession arrangements
--> issued in November 2006