A comprehensive understanding of agriculture is paramount for recognizing the broader economic, environmental, and social impacts of this primary sector. This knowledge extends to managing biological assets and farming practices.
Biological assets are living plants or animals, such as trees in a plantation or orchard, cultivated plants, sheep, and cattle. The term was introduced in International Accounting Standard (IAS) 41, Agriculture, which became operative from January 1, 2003. The rules for the accounting treatment of biological assets are set out in Section 34 of the Financial Reporting Standard applicable in the UK and Republic of Ireland.
A 'FARM' can refer to both an agricultural operation and a sales technique. For federal tax purposes, it includes a variety of agricultural pursuits, structures, and animal husbandry operations.
