Agriculture
Overview
ASC 905-10 provides general guidance for agricultural entities use diverse forms of business from sole proprietorships to public entities, and their activities include, but are not limited to, the following:
- Growing wheat, milo, corn, and other grains
- Growing soybeans, vegetables, sugar beets, and sugarcane
- Growing citrus fruits, other fruits, grapes, berries, and nuts
- Growing cotton and other vegetable fibers
- Operating plant nurseries
- Breeding and feeding cattle, hogs, and sheep, including animals for wool production
- Operating dairies
- Operating poultry and egg production facilities
- Breeding horses
- Raising mink, chinchilla, and similar small animals
- Raising fish and shellfish.
ASC 905 contains intersecting Subtopics that provide industry-specific guidance related to the following Codification Topics:
205 — Presentation of Financial Statements
310 — Receivables
325 — Investments — Other
330 — Inventory
360 — Property, Plant, and Equipment
405 — Liabilities
505 — Equity
605 — Revenue Recognition
705 — Cost of Sales and Services