Accounting for House Plants

[Lorraine]

Hello,

Id like to ask what Accounting Standards to follow when selling of House Plants.

 

[BIG E]

Contact your floral association

 

[DrStrangeLove]

Hello,

Id like to ask what Accounting Standards to follow when selling of House Plants.

I'll avoid making the obvious joke of following the ones for "plant and equipment".

Since you're in the Philippines, I'm going to assume you're looking for IFRS standards. If you're selling houseplants that you're raising from seeds, cuttings, grafts or similar propagation methods, you might look at IAS 41 on agricultural activities. If you're simply reselling plants grown by others that you have bought as inventory, I think it probably falls under IAS 2 on inventories.