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 specialist committee established by the Accounting Standards Board to advise on the application of accounting standards to smaller entities.
Full consolidation is a method in which 100% of each item of all subsidiary undertakings is incorporated into the consolidated financial statements of a group, even when the parent company does not own 100% of a subsidiary.
The statement of comprehensive income, as defined by the IFRS and applicable FRS in the UK and Republic of Ireland, presents a complete picture of a company's financial performance beyond the traditional income statement.
