Accounting Standards and Guidance

FRC Financial Reporting Standards (FRSs)

UK/Irish accounting framework (effective for periods beginning on or after 1 Jan 2015)

FRS 102 The Financial Reporting Standard applicable in the UK and Republic of Ireland

Section 34 Specialised Activities
Section 34 – Agriculture
34.2An entity that is engaged in agricultural activity shall determine an accounting policy for each class of biological asset and its related agricultural produce. [AMD 548]
AMD 548

Amendment

Paragraph 34.2 amended by Amendments to FRS 102: The Financial Reporting Standard applicable in the UK and Republic of Ireland – Triennial review 2017 – Incremental improvements and clarifications (issued December 2017)

Effective date

01/01/2019

Previous text

34.2 An entity using this FRS that is engaged in agricultural activity shall determine an accounting policy for each class of biological asset and its related agricultural produce.
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