IAS 40 Investment property | IFRS International Accounting Course
Channel: Farhat Lectures. The # 1 CPA & Accounting Courses
Date: 2019-06-18

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Biological assets can be held and accounted for by any business owner. However, because of their nature, they are typical of utmost importance to farmers or any individuals whose primary source of profit comes from growing, selling, and shipping such goods.

Biological assets, because they are living or have an active component that makes them difficult to maintain, are constantly under the threat of change, both qualitative and quantitative. These changes are widely known or understood outside of the business scope as biological changes. It simply means that plants, animals, and the living things they produce (such as hens producing eggs or cows producing milk) have a period of time where they must grow or be produced, a useful period during which they can be harvested, and a limited amount of time during which they can be moved and sold before they rot, decay, or otherwise, become useless to consumers.

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