Agricultural activity plays a key role in environmental sustainability, poverty and hunger reduction, and food security; Colombian agricultural sector in recent years has played a major role in international markets, forcing companies benefiting from the International Financial Reporting Standards in order to present financial information in a clear and transparent manner in order to build trust among users of information and compete at the same level with other companies in the world. The overall objective of this research is to analyze the effect that cause the application of IAS 41 in Colombia, as regards the management of transactions, presentation of financial statements and tax impact.