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2022 AICPA & CIMA Agriculture & Cannabis Industry Conference

AG2210 - Update from the Farm Financial Standards Council


Aug 9, 2022 1:40pm ‐ Aug 9, 2022 2:30pm


Standard: $49.00

Description

An overview of the latest work done by the Farm Financial Standards Council (FFSC). The topics covered include: * Deferred taxes, how to calculate them along with a discussion on depreciation approaches. As well as how deferred taxes impact the value of farm assets including farmland and how this effects buy sell agreements and estate planning.     * 13 new financial ratios. After more than three years of in-depth analysis and discussions the recommended financial measures has been reduced from 21 to 13.     * Financial Guidelines for Agriculture: An Implementation Guide for Non-Accountants. This 23 page document has been updated for consistency with the Financial Guidelines. Tables and other graphics have been improved to give it a more modern look.

Learning Objectives:
  • Indicate how deferred taxes on farmland impact the balance sheet
  • Identify the 13 financial measurements recommended by the Farm Financial Standards Council
  • Recognize the changes to the Financial Guidelines for Agriculture Implementation Guide

Speaker(s):

Category: Concurrent Session

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