Orchard

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Biological Assets IAS 41 Agriculture Financial Reporting UK Accounting Standards Livestock Plantation Orchard

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.