The aggregate carrying value of biological assets within IAS 41’s scope should be presented separately on the face of the balance sheet.

Presentation of bearer plants Should the same physical biological asset be treated as two different assets in the balance sheet? Yes. IAS 41 makes a difference between: ·        a bearer plant which is accounted for under IAS 16; and ·        produce growing on bearer plants which is a biological asset under IAS 41. There is also a different category of asset (that is, the agricultural produce which is the harvested produce of the entity’s biological assets). The entities will have to recognise and measure the produce growing on the bearer plant and the bearer plant separately. IAS 1 requires property, plant and equipment to be disclosed separately from biological assets within the scope of IAS 41.

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Discussion on presentation as current or non-current The presentation of biological assets as current or non-current will depend on their nature. Normally, consumable assets (such as wheat or broiler chickens) would be presented as current assets, whereas bearer assets (such as dairy cattle) would be presented as non-current assets. Where the period to maturity of consumable assets (such as forests) is long, presentation as non-current is appropriate.

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