The Evaluation and Accounting of Bearer Plants Within the Frame of TAS 16 Tangible Assets Standard: An Application in A Walnut Production Enterprise

Agricultural enteprises are those which produce both living assets such as sheep, goats, fruit trees and agricultural products such as wool, grapes, walnuts in consequence of their agricultural activities. The living assets and plants which are produced in these enterprises are accounted for in accordance with TAS 41 Agricultural Activities Standard. However, in 2014, there were maked amendments in communiques numbered 30 and 31, as well as TAS 41 Agricultural Activities Standard and TAS 16 Tangible Assets Standard. Accordingly, the bearer plants which produce products for a long period of one year and which are unlikely to be sold as agricultural products are included in the TMS 16 Tangible Assets Standard. The purpose of this study is to establish the principles of evaluating and accounting of bearer plants within the scope of TAS 16 Tangible Assets Standard. For this purpose, the amendments made in TAS 41 and TAS 16 standards in 2014 have been firstly explained. Secondly, transactions regarding accounting for walnut trees, considered as bearer plants, in accordance with TAS 16 Tangible Assets Standard have been explained with an application example