Hi Jaypee,
I’m glad to have helped a bit
The accounting treatment of biological assets is covered by an international standard called IAS 41 Agriculture, and what this standard does is: (Headache warning!!!)
prescribes the accounting treatment, financial statement presentation, and disclosures related to agricultural activity. Agricultural activity is the management of the biological transformation of biological assets (living animals or plants) and harvest of biological assets for sale or for conversion into agricultural produce or into additional biological assets.
You can read more about the standard at this link.
It’s heavy going stuff and if you are not used to accounting terminology it might be a bit offputting.
I did a search to see if I could find a book to recommend to you, I found one book on Amazon but I think it’s old now and written for the USA. That book is here.
I found one other link, written by PWC but that is even older, it was written in 2009. That link is here It is a bit of an easier read and gives a nice explanation of the standard.
It’s a shame if there isn’t such a thing as an easy guide to accounting for farmers, maybe there is one out there somewhere? Perhaps your local Chambers of Commerce might know of one? Or even have a training course?
Hope I’ve been able to point you in a useful direction!
Darren