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ACCOUNTING STANDARDS AND BASIS OF PREPARATION | 12 Months Ended
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Jun. 30, 2022
ACCOUNTING STANDARDS AND BASIS OF PREPARATION |
ACCOUNTING STANDARDS AND BASIS OF PREPARATION | 2. ACCOUNTING STANDARDS AND BASIS OF PREPARATION Statement of compliance with IFRS as issued by IASB The Consolidated financial statements of the Group have been prepared in accordance with International Financial Reporting Standards (“IFRS”) as issued by International Accounting Standard Board (“IASB”) following the accounting policies as set forth and summarized in Note 4. All IFRS issued by the IASB, effective at the time of preparing these Consolidated financial statements have been applied. Authorization for the issue of the Consolidated financial statements These Consolidated financial statements of the Group as of and for the years ended June 30, 2022, 2021 and 2020 have been authorized by the Board of Directors of Bioceres Crop Solutions on September 30, 2022. Basis of measurement The consolidated financial statements of the Group have been prepared using:
| ● | Going concern basis of accounting, considering the conclusion of the assessment made by the Group’s Management about the ability of the Group and its subsidiaries to continue as a going concern, in accordance with the requirements of paragraph 25 of IAS 1, “Presentation of Financial Statements”.
| ● | Accrual basis of accounting (except for cash flows information). Under this basis of accounting, the effects of transactions and other events are recognized as they occur, even when there are no cash flows.
Functional currency and presentation currency
a) | Functional currency
Items included in the financial statements of each of the Group’s entities are measured using the currency of the primary economic market in which the entity operates (i.e., “the functional currency”). The Group has applied IAS 29 for its subsidiaries in Argentina. IAS 29 “Financial reporting in hyperinflationary economies” requires that the financial statements of an entity whose functional currency is the currency of a hyperinflationary economy, whether these are based on the historical cost method or the current cost method, be stated in terms of the measuring unit current at the closing date of the reporting period. For such purpose, the inflation produced since the acquisition date or the revaluation date, as applicable, must be computed in non-monetary items. The standard details a series of factors to be considered for concluding whether an economy is hyperinflationary, including, but not limited to, a cumulative inflation rate over a three-year period that approaches or exceeds 100%. Inflation accumulated in three years, as of June 30, 2018, was over 100%. It was for this reason that, in accordance with IAS 29, the Argentine economy had to be considered as hyperinflationary since July 1, 2018. In an inflationary period, any entity that maintains an excess of monetary assets over monetary liabilities, will lose purchasing power, and any entity that maintains an excess of monetary liabilities over monetary assets, will gain purchasing power, provided that such items are not subject to an adjustment mechanism. Briefly, the restatement mechanism of IAS 29 establishes that monetary assets and liabilities will not be restated because they are already expressed in a current unit of measurement at the end of the reporting period. Assets and liabilities subject to adjustments based on specific agreements, will be adjusted according to those agreements. Non-monetary items measured at their current values at the end of the reporting period, such as the net realizable value or others, do not need to be restated. The remaining non-monetary assets and liabilities will be restated according to a general price index. The loss or gain for the net monetary position will be included in the net result of the reporting period, revealing this information in a separate line item. The inflation adjustment to the initial balances was calculated by means of a conversion factor derived from the Argentine price indexes published by the National Institute of Statistics. The index as of June 30, 2022, 2021 and 2020 was 793.0278, 483.6049 and 321.9738, respectively. The comparative figures in these consolidated financial statements presented in a stable currency are not adjusted for subsequent changes in the price levels or exchange rates. Presentation currency The consolidated financial statements of the Group are presented in US dollars. Foreign currency Transactions entered into by Group entities in a currency other than their functional currency are recorded at the relevant exchange rates as of the date upon which such transactions occur. Foreign currency monetary assets and liabilities are translated at the prevailing exchanges rates as of the final day of each reporting period. Exchange differences arising on the retranslation of unsettled monetary assets and liabilities are recognized immediately in profit or loss, except for foreign currency borrowings qualifying as a hedge of a net investment in a foreign operation for which exchange differences are recognized in other comprehensive income and accumulated in the foreign exchange reserve along with the exchange differences arising on the retranslation of the foreign operation. Upon the disposal of a foreign operation, the cumulative exchange differences recognized in the foreign exchange reserve relating to such operation up to the date of disposal are transferred to the Consolidated statement of profit or loss and other comprehensive income as part of the profit or loss taking place upon such disposal. Subsidiaries Where the Group holds a controlling interest in an entity, such entity is classified as a subsidiary. The Group exercises control over such an entity if all three of the following elements are present: (i) the Group has the power to direct or cause the direction of the management and policies of the entity; (ii) the Group is exposed to the variable returns of such entity; and (iii) the Group has power to affect the variability of such returns. Control is reassessed whenever facts and circumstances indicate that there may be a change in any of these elements of control. De-facto control exists in situations where the Group has the practical ability to direct the relevant activities of an entity without holding the majority of the voting rights. In determining whether de facto control exists, the Group considers all relevant facts and circumstances, including:
| - | The relative share of the Group’s voting rights with respect both the size and dispersion of other parties who hold voting rights;
| - | Substantive potential voting rights held by the Group and by other parties;
| - | Other contractual arrangements; and
| - | Historic patterns in voting attendance.
The subsidiaries of the Group, all of which have been included in the consolidated financial statements of the Group, are as follows: The Group holds a majority share of the voting rights in all its subsidiaries. ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | ​ | ​ | Country of | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | ​ | ​ | incorporation | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | ​ | ​ | and principal | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | ​ | ​ | place of | ​ | ​ | ​ | % Equity interest | ​
Name |  | Principal activities |  | business |  | Ref |  | 06/30/2022 |  | 06/30/2021 |  | 06/30/2020 | ​
RASA Holding, LLC |  | Investment in subsidiaries |  | United States |  | ​ |  | 100.00 | % | 100.00 | % | 100.00 | %
Rizobacter Argentina S.A. |  | Microbiology Business |  | Argentina |  | ​ |  | 80.00 | % | 80.00 | % | 80.00 | %
Rizobacter do Brasil Ltda. |  | Selling of agricultural inputs |  | Brazil |  | a |  | 80.00 | % | 79.99 | % | 79.99 | %
Rizobacter del Paraguay S.A. |  | Selling of agricultural inputs |  | Paraguay |  | a |  | 80.00 | % | 79.92 | % | 79.92 | %
Rizobacter Uruguay |  | Selling of agricultural inputs |  | Uruguay |  | a |  | 80.00 | % | 80.00 | % | 80.00 | %
Rizobacter South Africa |  | Selling of agricultural inputs |  | South Africa |  | a |  | 76.00 | % | 76.00 | % | 76.00 | %
Comer. Agrop. Rizobacter de Bolivia S.A. |  | Selling of agricultural inputs |  | Bolivia |  | a |  | 80.00 | % | 79.96 | % | 79.96 | %
Rizobacter USA, LLC |  | Selling of agricultural inputs |  | United States |  | a |  | 80.00 | % | 80.00 | % | 80.00 | %
Rizobacter India Private Ltd. |  | Selling of agricultural inputs |  | India |  | a |  | — | ​ | — | ​ | 80.00 | %
Rizobacter Colombia SAS |  | Selling of agricultural inputs |  | Colombia |  | a |  | 80.00 | % | 80.00 | % | 80.00 | %
Rizobacter France SAS | ​ | Research and development | ​ | France | ​ | a | ​ | 80.00 | % | 80.00 | % | 80.00 | %
Bioceres Crops S.A. | ​ | Research and development | ​ | Argentina | ​ | ​ | ​ | 90.00 | % | 90.00 | % | 90.00 | %
BCS Holding LLC | ​ | Investment in subsidiaries | ​ | United States | ​ | ​ | ​ | 100.00 | % | 100.00 | % | 100.00 | %
Bioceres Semillas S.A.U. | ​ | Production and commercialization of seeds | ​ | Argentina | ​ | ​ | ​ | 100.00 | % | 100.00 | % | 100.00 | %
Verdeca LLC | ​ | Research and development | ​ | United States | ​ | b | ​ | 100.00 | % | 100.00 | % | 50.00 | %
Insumos Agroquímicos S.A. | ​ | Selling of agricultural inputs | ​ | Argentina | ​ | c | ​ | 61.32 | % | 50.10 | % | — | ​
Bioceres Crops Do Brasil Ltda. | ​ | Selling of agricultural inputs | ​ | Brazil | ​ | ​ | ​ | 100.00 | % | — | ​ | — | ​
a) | Indirect interests held through Rizobacter. The indirect equity interest participation included in this table was the 80% of the direct equity interest participation that Rizobacter owns in each entity.
b) | On November 12, 2020 we acquired from Arcadia Biosciences Inc (“Arcadia”) the remaining 50% ownership interest in Verdeca LLC (“Verdeca”). See Note 6.
c) | On April 9, 2021 we acquired a controlling interest in Insumos Agroquímicos S.A. (“Insuagro”). See Note 6.
Special purpose and structured entities (“SPE”) A structured entity is an entity that has been designed so that voting or similar rights are not the dominant factor in deciding who controls the entity and the relevant activities are directed by means of contractual arrangements. In this cases, we consider the purpose and design of the SPE, including a consideration of the risks the SPE was expected to be exposed to, the risks it was designed to pass on to the parties involved with the SPE and whether we are exposed to some or all of those risks or potential returns. One then considers which activities have a significant impact on the SPE’s returns and determines which parties have an ability to direct each of those activities. The Group controls an SPE when is exposed, or has rights, to variable returns from its involvement with the SPE and has the ability to affect those returns through its power over the SPE.

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