Define Biological assets, and what international standard you will refer to in your accounting treatment?

This is a valuation technique to measure the fair value of biological assets that are physically attached to land, if the biological assets have no separate market but an active market does exist for the combined assets as a group.
At its November2012 meeting, the Interpretations Committee noted that the IASB has decided to undertake a limited-scope project on IAS41 to address the accounting for bearer biological assets.

Biological Asset can be defined as "Living Plants and Animals" IAS 41 deals with Biological Assets.
and for further information, It has the following 3 Steps:
1- Planting/Births.

2- Biological Transformation which include growth, degeneration and procreation.

3- Harvest.
After Harvest Biological assets are converted into IAS 2, where these will be treated as Inventory.
These are recognized at Fair value less cost to sell and any change in the fair value is reported in the statement of comprehensive income in the year of change.

The most important distinction is that biological assets are non-human.
The classification includes mammals; animals; plants including trees, vineyards, fruit orchards, vegetables and herbal crops; and fish.
Animals and plants not included as biological assets are dogs, horses, pigeons or other animals used for racing; animals used in theme parks, such as pony rides; and the biologicals categorized as viruses, bacteria and blood cells.

According to IAS41 the biological assets should be recognized in the balance sheet when the following criteria are fulfilled:

 

• The business controls the biological assets because of a past event
• It is probable that the business will get future economic benefits from them
• Fair value or cost of the biological asset can be measured reliably

IAS41 defines Biological Assets as "Living Animals and Plant".
According to the standard, biological assets can be recognized if and only if it satisfies the following criteria:-1.
The business controls the biological assets because of a past event2.
It is probable that the business will get future economic benefits from them3.
Fair value or cost of the biological asset can be measured reliably These assets must be recognised at their fair value arrived at after reducing point of sale costs.
Point of sale costs include broker commission and duties/taxes.

biological assets can define as re-production of main assets

farm animals and plants classified as assets.
International Accounting Standards require that they are recorded on balance sheets at market value.
Once they have been slaughtered or harvested, the assets become agricultural produce.
Refer to IAS36

Farm Animals such as cow, chicken, fish or Farm produce such as vegetables or fruits are farm animals. These are measured / priced according to the guidelines set by IAS41 until the time as such when they are harvested and further become inventory being classified under IAS2

Biological Assets means living plants and animal. they should be measured be at fair value less estimated cost to sell and IAS41 covers all accounting treatment of biological assets

"Living Plants and Animals" are regarded as Biological Assets.
And IAS41 deals and establishes standard of Accounting for Biological Assets i.e.
Living Plants and Animals.