This research aims to know the application of IAS 41 in companies engaged in agricultural activity, documentary information was obtained from studies carried out in countries such as Colombia, Chile, Ecuador, Spain and Australia, in different areas including coffee, flowers, timber trees and livestock. When consulting IAS 41, agricultural activity is defined as the management of growth, degradation, production, procreation and biological assets such as any living animal or plant that undergoes changes throughout its life. Based on the fact that the standard establishes the fair value for the valuation of biological assets and agricultural products, a comparison was made between the historical cost method, which remains constant until the sale of the product, however the fair value is updated to as the changes occur, obtaining a real profit or loss. The present investigation is carried out based on a scientific bibliographic review on the subject. This research is expected to obtain information on the benefits of the use of IAS 41 in agricultural farms to provide the user of financial statements reasonable information about the activity of the company.
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