ANNEX U.K. INTERNATIONAL ACCOUNTING STANDARDS

INTERNATIONAL ACCOUNTING STANDARD 41 Agriculture

RECOGNITION AND MEASUREMENT U.K.

25 Biological assets are often physically attached to land (for example, trees in a plantation forest). There may be no separate market for biological assets that are attached to the land but an active market may exist for the combined assets, that is, for the biological assets, raw land, and land improvements, as a package. [F1 An entity may use information regarding the combined assets to measure the fair value of the biological assets.] For example, the fair value of raw land and land improvements may be deducted from the fair value of the combined assets to arrive at the fair value of biological assets. U.K.

Textual Amendments

F1 Substituted by Commission Regulation (EU) No 1255/2012 of 11 December 2012 amending Regulation (EC) No 1126/2008 adopting certain international accounting standards in accordance with Regulation (EC) No 1606/2002 of the European Parliament and of the Council as regards International Accounting Standard 12, International Financial Reporting Standards 1 and 13, and Interpretation 20 of the International Financial Reporting Interpretations Committee (Text with EEA relevance).